(To read more on the net lease market, click here.)
NORTHLAKE, IL-Grand Warehouse Corp. has found its first suburban location here, having agreed to a lease a 178,000-sf building from Duke Realty Corp. The Indianapolis-based REIT will start construction of its third building in the 600 block of Northwest Ave. in May, with completion scheduled for November.
Duke Realty Corp. already has a 413,676-sf building at 635 Northwest Ave. and a 468,427-sf building at 601 Northwest Ave. Maintenance Warehouse, McMaster-Carr Supply Company, Mygrant Glass Co. and Central American Group have set up shop in a redevelopment of a former International Paper property.
The third Northlake building will be the largest occupied by third-party logistics provider Grand Warehouse Corp. It has 110,000 sf at 9820 S. Dorchester, 102,000 sf at 4350 W. Ohio St. and 80,000 sf at 531 N. Kilbourn Ave. The company also has operations in New Jersey and Pennsylvania.
Although terms were not disclosed, Duke Realty Corp.'s fourth-quarter development activity averaged $73.70 per sf, which would equate to a value of $13 million for its newest Northlake building.
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