(To read more on the industrial market, click here.)

BOLINGBROOK, IL-A submarket with all the right variables, taxes, labor market and highways, continues to attract users. Most recently, four leases totaling 72,046 sf at Crossings Business Center, 380 Internationale Dr., were signed along the I-55 corridor, illustrating continued strength in the market.Crossings Business Center is a two-building, 352,700-sf multi-tenant industrial facility jointly developed and owned by HSA and ML Realty Partners. Managed by HSA, it is located within Corporate Crossings Business Park and totals 19.9 acres. Tim Thompson, EVP and managing director, HSA Commercial Real Estate’s industrial brokerage division represented ownership in all four deals.

The leases include: Recall Secure Destruction Services Inc., 16,906 sf; Modular Installations & Design Inc., an office interior installation company, leased 16,906 sf; Lansing Building Products, headquartered in Richmond, VA, leased 19,117 sf; and Concept Communications Co., a packaging supplier for the pharmaceutical and health industry, leased 19,117 sf.He tells GlobeSt.com that the company built these buildings with versatility in mind. “The users of our facilities complement the big-box users who are already out here because it was designed for the needs of the small- to medium-sized user.” According to Thompson, the property is now approximately 70% leased.

But land in the Bolingbrook I-55 area has started to become scarce, especially for big-box users. Jason West, a VP at Trammell Crow Co., tells GlobeSt.com that “what is still driving the market is a type of ‘herd’ mentality,” he says. “Other big-box users have attracted other large users, so it’s become the big-box capital of the upper Midwest. Tenants perceive the area has it all in terms of transportation, highways, taxes. “

West explains to GlobeSt.com that a number of small- to medium-sized users have begun to relocate out here because it has become more cost effective. Smaller users from suburbs like Downers Grove, Lisle and Countryside, can relocate out here and obtain a property that has a new roof, sprinklers, HVAC. “It really reduces their overall occupancy cost.”The Grubb & Ellis Industrial Market Trends Report for first quarter 2006 lists asking rental rates in the I-55 corridor at approximately $4 per sf for warehouse/distribution space. Thompson explains “that the Bolingbrook warehouse/distribution market is a strong one and should remain that way for years to come,” he says. “The functionality of the buildings, which have been built in the last 12 years or so, should remain contemporary for a long time.”

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