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JOLIET, IL-Ecolab Inc. has renewed its lease for 178,000-square-feet at 3501 Corporate Dr. The cleaning, sanitizing, pest control, maintenance and repair products company has occupied the 408,400-square-foot building for five years and has a primary manufacturing facility located nearby.

Built in 1999, the property is owned by Liberty Property Trust, who acquired it from Prudential Real Estate Investors about three years ago for around $13.1 million, sources say. “Ecolab has been a valued tenant since before we acquired the asset, and we are pleased they will stay and continue to thrive in this location,” says Don Schoenheider, city manager for Liberty. “We have structured their lease with a great deal of flexibility which provides Ecolab with the operating variability they need.”

Located in the Southfield Business Park, the property is currently 70% occupied, with a single 125,000-square-foot unit. Ecolab is currently using a portion of the space temporarily, but also has rights to expand into the space permanently. The pre-cast constructed property offers 30-foot clear ceilings, an ESFR sprinkler system, exterior docks, wide bays and proximity to interstates 80 and 55 in Will County.

Ecolab’s lease rate was not disclosed, but asking lease rates in the building are around $2.95 per square foot net. “Liberty is a noted long-term holder of such assets and as such, they can structure deals with optimal creativity based on their tenants’ needs, just as they have done for Ecolab and others,” says Geoffrey Kasselman, president of Op2mize, who along with the firm’s Daniel Dakhil serves as the exclusive listing broker for the building.

The property is located in the Interstate 80 corridor, where overall occupancy is around 83%, according to a recent Cushman & Wakefield industrial market report. Average asking lease rates are around $3.50 per square foot net, Cushman’s research says.

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