(To read more on the net lease market, click here.)
(To read more on the industrial market, click here.)
ALSIP, IL-Duro Bag has renewed a 154,000-sf lease with San Francisco-based AMB Properties for a warehouse at 12245 S. Central Ave. In addition to 15 truck docks, the property, which the REIT acquired in 1998 for $4.8 million, includes a 7.5-acre site.
Although terms were not disclosed, AMB Properties gets an average of $4.70 per sf across its Chicago portfolio, which includes 9.9 million sf in 101 properties. Occupancy in that portfolio is 92.2%, according to the REIT's most recent financial report. Vacancy in the 24.4-million-sf southwest suburban industrial submarket was recently 10.4%, according to Delta Associates.
NAI Hiffman executive vice president Daniel P. Leahy, SIOR represented Ludlow, KY-based Duro Bag, which has 11 plants in the US and Mexico. AMB Properties shed a 24,722-sf asset in Itasca recently, getting $1.8 million, or $71.52 per sf.
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