"It's a great time to be a tenant," noted Cushman & Wakefield of Illinois Inc. senior director Jim Estus, who worked on all six transactions. "If an ownership can stabilize its building in advance of a lease termination, they should do it, as opposed to taking the risk of waiting until the 11th hour and losing the tenant to an extremely aggressive marketplace for tenants."
Among the larger transactions was American Chrome's build-to-suit agreement with Duke Realty Investments for construction of a 60,000-square-foot distribution facility in Bolingbrook's Crossroads Business Park. Scheduled for completion this fall, the facility will feature 5,000 sf of office space and 24-foot clear height on a 5.38-acre parcel. The property will be located on the northwest corner of Schmidt Road and Crossroads Parkway. Estus, along with Andy James of Duke Realty, represented the ownership in the $3-million-plus transaction, while Mike Nelson of Cushman & Wakefield negotiated on behalf of American Chrome.
Another significant lease was T-shirt distributor S&S Activewear's expansion into 163,470 sf at 2 Gateway Ct. The Duke Realty property is also located in Bolingbrook. C&W's Estus and Nelson negotiated on behalf of the ownership and Britt Casey, also of Cushman & Wakefield, represented S&S. The lease is valued at more than $3 million.
Estus and Nelson along with Duke Realty's Joe Voet represented Duke in a second lease transaction at 2 Gateway Ct. Stainless steel sink maker Elkay Manufacturing renewed its existing 100,560-sf lease and committed to an additional 25,890 sf for a total of 126,450 sf at the Bolingbrook asset. David Friedland of Epic Savage represented Elkay in the deal, which is valued in excess of $3.9 million.
In Aurora, Houston Wire and Cable will occupy 67,480 sf at 2435 Prospect St. The distributor of wire products is expanding and relocating from 318 Lies Rd. in Carol Stream. Estus represented HWC in the $3-million deal, and Greg Pacelli and Mark Dolemba of Colliers BK negotiated on behalf of the landlord, OPUS North Corp.
Two more Bolingbrook leases, both on Territorial Drive, rounded out the Industrial Group's recent suburban activity. Tyco Valves & Controls leased 19,920 sf within the Remington Lakes Corporate Center at 554 Territorial Dr. Estus and Nelson represented building owner Principal Financial, and Bill Elwood of CB Richard Ellis represented Tyco Valves and Controls; In addition, Walong Marketing, a distributor of Asian foods, signed up for 12,000 sf at 582 Territorial Dr. The business is expanding its Midwest operations. Estus represented the lessor, Mars Equities.
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