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Sizable Industrial Deals Inked in West and Southwest Markets

BOLINGBROOK, IL-The economy might be tepid, but there are signs of life in some markets, especially in places where tenants are willing to take advantage of leasing opportunities. In the southwest and western suburbs, companies have taken about 650,000 sf in deals arranged recently by C&W.

By Dees Stribling | Updated on April 24, 2003

BOLINGBROOK, IL-Cushman & Wakefield has closed six lease transactions in the west and southwest suburbs totaling roughly 650,000 sf of industrial space. C&W brokers said the rash of activity in an otherwise sluggish market shows that landlords and tenants can still evaluate and act upon their real estate needs, despite the risks presented by today’s skittish economy.

“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.

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