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ROSELLE, IL-Norvanco International, in the market for warehouse space after third-party logistics customer Panasonic Corp. of North America sold its Randall Road campus in Elgin to by John B. Sanfilippo and Sons, has found suitable quarters in 360,709 sf in the Turnberry Lakes International Business Center. The building at 1600 Central Ave. is owned by AMB Property Corp.

While the San Francisco-based REIT recently reported occupancy in its 9.9-million-sf Chicago portfolio at 92.3%, its five Turnberry Lakes distribution facilities, totaling 1.7 million sf, are 100% occupied. Colliers Bennett & Kahnweiler senior vice president Ronald J. Behm, SIOR and vice president Jeffrey J. Kapcheck, SIOR have handled negotiations for AMB Property Corp. for all five buildings. A CB Richard Ellis team of John Sullivan, John Gledhill, and Todd Bensen represented Norvanco International.

Although terms were not disclosed, AMB Property Corp. gets average net lease rates of $4.53 per sf in the Chicago market, with deals averaging 5.7 years.

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