(To read more on the industrial market, click here. To read more on the net lease market, click here.)
WOODRIDGE, IL-Best Buy has leased the entire 356,621-sf warehouse/distribution building at 2601 Internationale Pkwy., at Internationale Centre II. The one-story facility was built in 1999. The original developer of the business park was Catellus.
Situated on a 16.3-acre site, the location has immediate access to transportation, including I-55 and I-355. The property itself 6-foot reinforced doors, 44 external truck docks with levelers. Best Buy, which is relocating from Carol Stream, will use the space for product distribution and repair services.
Dave Prioletti of CB Richard Ellis represented current ownership of the property, Invesco, in the lease transaction. David Brown, of CBRE's Minneapolis office, and Traci Buckingham, of CBRE's Chicago office, represented Minneapolis-based Best Buy in the lease negotiations. The firm, best known as a purveyor of consumer electronics and appliances, has more than 930 retail locations throughout the US and Canada.
Buckingham tells GlobeSt.com that this property "turned out to be a good fit for the tenant. It needed to be in a single-tenant, freestanding property, especially for security reasons." Buckingham says that Best Buy had outgrown its current location in Carol Stream, and that "they not only needed a larger facility, but one that was convenient for a distribution center." She adds that the facility had been vacant for approximately six months before Best Buy became interested.
Jason West, a VP with Trammell Crow, says that Woodridge's location itself is an attraction since it not only close to transportation, "but it's less congested too. This becomes important for a distribution centers with trucks going back and forth." West adds that the I-55 corridor has become a "who's who" list of big-box users. "Tenants can find contemporary state-of-the art facilities at a good price."
Value of the transaction was not disclosed. Trammell Crow's First Quarter 2006 Market Report lists the asking price for industrial price in the I-55 corridor is $4.15 per sf.
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