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ARLINGTON HEIGHTS, IL-Berlin Packaging has sign a five-year lease renewal for 104,000 square feet. The Chicago-based stocking supplier of glass, plastic and metal container and closures has based a key supply center out of the property, at 435 Algonquin Rd., since 1995. Berlin was represented by Steve Joseph of Gibralter Real Estate Services in the deal, while building owner ML Realty Partners was represented by Gerald Sullivan, principal, John Stump, senior associate, and Phil Reiff, associate of Paine/Wetzel ONCOR International.

“The location has proximity to O’Hare and access to a four-way interchange,” Sullivan tells GlobeSt.com. “Another reason most people want to be here is that the building has heavy power and tollway visibility. Anyone with a large employment numbers could benefit by the public transportation, restaurants and hotels nearby.”

Originally constructed in 1979, the 304,000-square-foot building is near the Kennedy expressway. Berlin’s space offers 22-foot clear ceilings, 7,500 square feet of office, 10 loading docks and a drive-in door.

The building houses two other tenants – Sheet Metal Werks in 79,000 square feet and Advanced Mechanical Systems in 46,000 square feet. It is currently around 75% occupied, with about 74,000 square feet remaining available, offering an 11,000-square-foot all-office unit and 63,000 square feet of industrial. Asking lease rates range from above $4 per square foot net for the industrial, to around $7 per square foot for the office.

The property is located in northwest Cook County, where average asking lease rates range from $5 to $9 per square foot net, according to Cushman & Wakefield’s recent industrial market report. The occupancy rate in that area is around 88%, the report said. “There’s been a lot of activity in terms of showings, but not a lot of velocity in terms of actually getting deals done,” Sullivan says.

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