CHICAGO—Newmark Grubb Knight Frank just completed a 50,000-square-foot lease at 1240 Garnet Dr. in suburban Northlake near O’Hare International Airport on behalf of Midwest Industrial Funds, the property’s owner. Although the industrial building was vacant when MIF purchased it just last year, this new lease, the property’s second, brings its occupancy up to 100%.

“We got a very good market rent that was a good deal for the landlord,” NGKF’s Adam Marshall tells Although he can’t give details on this particular transaction, he does say that overall the O’Hare submarket is “now a landlord’s market,” and owners like MIF don’t need to grant many concessions to fill up buildings that hit the market.

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?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to'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 and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.