NAPERVILLE, IL-After looking at a number of alternatives at other buildings, Factory Card & Party Outlet decided recently to renew its 440,343-sf lease of office and warehouse space at 2727 Diehl Rd. The lease was set to expire February 2008, and the company renewed for a long-term contract, says Jerry Bloomstrand, senior vice president with Grubb & Ellis. He and senior vice president Mark Stables represented the company on the deal, with assistance from senior vice president Jack Cozzie and vice president Dominic Carbonari.
The building has 70,000 sf of office space, used as the company's corporate headquarters, and 340,000 sf of distribution space, making the building hard to compare with lease rates in the area, Bloomstrand tells GlobeSt.com. He says he cannot divulge the lease rate that the company negotiated.
Part of the lease includes relinquishing some vacant land next to the property, but retaining enough space for a possible expansion. "They could expand as much as 25%, Bloomstrand says. "They've already reviewed the plans with the city." He says the property, along the East-West corridor, has been "going gangbusters" all the way to DeKalb. "It's been a tremendous market," he says.
The property is owned by CenterPoint Mirvac, a joint venture between Mirvac Industrial Trust, a publicly traded Australian REIT, and Centerpoint Properties. Sean Maher and Thomas Dike represented the joint venture.
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