"Jones Lang LaSalle conducted a full assessment of Cornfields real estate needs, including consideration of relocation options, and ultimately elected to renew its lease and expand their footprint," Stolberg says. "The solution allowed them to minimize business interruption, secure a competitive lease package, and provide for needed product line growth."
The 209,000-square-foot building was bought by ProLogis in 2007 as part of a three-building portfolio from Shorewood Property Investments for $30 million. It is located in north suburban Lake County, where occupancy rates are near 92%, according to Cushman & Wakefield's Q1 industrial market report. Asking lease rates in the Lake County submarket range from $5 to $11 per square foot net, according to the research.
Another recent deal negotiated by Stolberg and Sarbaugh in the north suburbs was Midland Paper Co.'s lease of the 55,000-square-foot Glenview Distribution Center #1, at 1852-1854 Elmdale Ave. in Glenview, IL.
The company moved from Wheeling to this 2.5-acre property, which is also owned by ProLogis and offers 20-foot clear ceilings, four interior docks, and proximity to Interstate 294 as well as restaurants, hotels and shopping. ProLogis was represented in this deal by CB Richard Ellis' Keith Puritz, Brett Kroner, Ryan Bain and Zach Graham.
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