Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ALSIP, IL-Advertising Resources, Inc. leased CenterPoint Properties Trust’s 266,000-sf distribution center at 11601 S. Central Ave. The company had moved in last year into 70,000 sf, but has since signed a long-term deal, according to brokers involved.

While terms were not disclosed, asking rental rates for warehouse and distribution space in the southern Cook County suburbs is $3.39 per sf, according to Grubb & Ellis’ most recent industrial market report. While the 75.5-million-sf submarket’s 10.4% vacancy rate is slightly better than average, the rental rates are among the lowest in the market, topped only by central Will County and northwest Indiana, according to the real estate firm.

The Oak Brook-based REIT’s willingness to lease less than the entire building on a short-term deal paid off, says NAI Hiffman EVP Gerard J. Keating. “As a result of that accommodation, when the company needed to expand, they leased the entire building on a long-term basis,” Keating says in a statement.

Keating and VP Daniel P. Leahy represented CenterPoint Properties Trust while Harley Korman of Northbrook, IL-based Korman/Lederer & Associates LLC. represented the Chicago-based contract repackaging company.

CenterPoint Properties Trust has owned 11601 S. Central Ave. for nearly 10 years, acquiring it in a two-asset, $14-million deal in 1993, according to property records.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information

GlobeSt. NET LEASE Awards 2021Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.