"Although the entire industrial market is facing tough times, we are still seeing activity from our customers," says John Picchiotti, ProLogis first vice president. "We are pleased to announce this lease agreement with Roosevelt Paper."
Terms of the lease were not disclosed. Although other buildings in the area have a rental rate of $3.95 per square foot.
During the second quarter, ProLogis completed an additional 343,000 square feet worth of deals.
"We believe the features of this market will remain attractive to companies looking for distribution space because the Chicago market offers some unique advantages with its position along major national US highways and at the convergence of all six, class-one railways," Picchiotti says. "Due to its central location in the Midwest, trucks leaving Chicago can reach one-third of the country's population within a day's drive."
In the Chicago land area, ProLogis's portfolio totals 25.2 million square feet.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
