X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BOLINGBROOK, IL-New Breed Leasing of Illinois has renewed its lease for 361,000-SF to fully occupy 850 Veterans Pkwy in a transaction valued at $3.4 million. The third party logistics company has been the sole tenant of the building since its construction about a decade ago.

Greensboro, NC-based New Breed was represented by Steven Podolsky, principal, and Steven Tick, SVP, both with Podolsky Northstar CORFAC International.

“This location satisfies the needs of the companies for whom they’re contracting so there was no need to move,” Podolsky tells GlobeSt.com. Building owner International Airport Centers LLC was represented in-house by Doug Hamje, managing director of Leasing/Central. The lease rate on the deal was around $4.65 per square foot and the lease term was not disclosed.

The property is in the southwest suburban Interstate 55 submarket. Occupancy rates in the submarket are around 87% and asking lease rates range from $4 to $6 per square foot net, according to Cushman & Wakefield’s Q4 office market report. “The market is over-supplied with way too much product, too few users and significant concessions,” Podolsky says.

Podolsky and David Saltzman of New Jersey-based Newmark Knight Frank share New Breed’s national account and have completed four other transactions in Tennessee and Mississippi for the company in the past year.

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

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.