OAK CREEK, WI-Corporate Express, an office supply company, is leasing the entire Oakwood Crossings Business Center Two, a 279,282-sf building. The company signed the 10-year lease for the build-to-suit facility and has moved its employees to the industrial property, on a 28-acre site with 25,209 sf of office space.
Building owner Opus Corp. already had Oakwood Crossings Business Center One, a 129,726-sf industrial building next to the new property. The One building is mostly vacant, with only Wetzel Brother currently leasing 12,000 sf. Jay Craig, senior director of real estate for Opus, says he can't reveal the Corporate Express lease rate, but that the asking rate in the One building is $4.75 per sf.
Corporate Express wanted more space, says Craig. The Two building is expandable up to 331,600 sf, he tells GlobeSt.com, and has a special feature requested by the new tenant. "It has a six-inch depressed slab in one portion of the building [14,000 sf]. This is a prototype building for the company, a storage facility for potentially hazardous substances. The six inches allows any type of spill will be contained and won't go into the rest of the warehouse," he says.
He says that he's frequently getting calls from Chicago brokers about the two properties, who are searching for areas that include Kenosha and Racine. "We're near the airport and highways," Craig says. "And Chicago and Milwaukee are starting to grow together, and since we're south of Milwaukee, we're a great location for trotting down south. Though Chicago is definitely moving north faster than Milwaukee's moving south. Chicago's jumping across the border, we're already starting to feel some of the pull up here."
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