(Read more on the industrial market.)
ROMEOVILLE, IL-Ozburn-Hessey Logistics LLC, based in Nashville, TN, is expanding its lease by 206,000 sf to occupy the entire 562,624-sf building at 99 N. Pinnacle Dr. The terms of the lease were not disclosed.
J.D. Salazar, with Champion Realty Advisors, and Randy Wolcott, with ProVenture Real Estate, represented Ozburn-Hessey in the lease transaction. Kirk Armour, with CB Richard Ellis, represented building owner DCT Industrial Trust Inc. in the transaction.
Representatives from DCT Industrial Trust Inc. declined to be interviewed. "As one of our largest customers, we are thrilled to see our relationship with OH Logistics grow to more than 800,000 sf in four markets," said DCT Industrial managing director Daryl Mechem in a released statement.
The third-party logistics company leased 230,007-sf in the building last year, as reported by GlobeSt.com, and expanded to 356,378 sf last December. The cross-dock facility, which was completed in 2005, has 2,500 sf of office, 28 exterior docks with 40,000-pound levelers, 23 trailer stalls and parking for 75 cars. Under the lease agreement signed in 2006, Ozburn-Hessey had the opportunity to expand into the remaining space of the building at a set rental rate and tenant improvement package. Average warehouse and distribution lease rates for the I-55 corridor submarket are $4.08 per sf, according to Grubb & Ellis' first quarter market report.
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