(Read more on the industrial market.)
NORTHLAKE, IL-WEG Electric Motors Corp., based in Brazil, has signed a seven-year lease for 79,288 sf at Northlake One, 635 Northwest Ave. The manufacturer and distributor of electric motors and parts will use the industrial space as its Midwest distribution center for the company's North American operations, says Susan Wehrenberg, VP of industrial leasing for Duke's Chicago operations.
The lease begins March 1, she says. Duke owns the 414,000-sf building, which is part of the Northlake Distribution Center. Brian Carroll, with Grubb & Ellis, represented WEG. John Suerth and Jason Lev, both with CB Richard Ellis, represented Duke.
The manufacturer is relocating from 295 S. Prospect Ave., Itasca, where they are leasing approximately 31,000 sf, Wehrenberg says. The company chose the Northlake location because it is near Interstates 294, 290 and 90 and the building has visibility on Interstate 294, she says. Northlake One, which is on a 19-acre parcel, has 30-foot clear heights, 84 exterior docks and 55 trailer spaces.
The building is 100% leased. The other tenants in the building are Home Depot Supply and Mygrant Glass, which have both been in the building since it was constructed five years ago, she says. The asking lease rate for the building had been $5.75 per sf net, Wehrenberg tells GlobeSt.com. Northlake Distribution Center consists of Northlake One and a 177,000-sf facility that was constructed on a build-to-suit basis for Grand Warehouse in 2006, she says.
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