Paine/Wetzel • ONCOR International principal Whit R. Heitman and SVP Samuel C. Badger Jr., represented both Visual Pak and the building owner, Prudential Insurance Co., in the lease.
The two buildings Visual Pak will now operate from are adjacent to one another, Heitman says. "The building is contiguous to a building they already lease at," Heitman said. "They are putting a road in so they can drive a forklift between the two." The new space features 28-foot-high clear ceilings and superior loading capabilities, and will be used to supplement Visual Pak's warehouse distribution space.
The business park falls within the Lake County submarket, an area Heitman says has been remained stable despite economic challenges. "No matter what the economy seems to be like, this has always been a slow and steady market," Heitman says. "There are not a ton of deals, but they are consistent. There's a lot of product on the market - about a three-year supply."
In the same business park, Heitman also recently represented tenant U-Line Corporation in a two-year renewal for its 167,719-sf lease. The packaging company has occupied the space at 3540-3630 Burwood Dr. for a decade.
Heitman says the space in Amhurst Lake is desirable to industrial firms because of its accessibility, located less than a mile from Interstate 94. "It's an upscale image park that's got onsite property management as one of its amenities," Heitman says.
The 1.2-million-sf park is about 98% occupied with these most recent leases. Heitman declined to disclose the lease rates on either transaction. Average lease rates for industrial space in the Far North submarket range between around $5 and $7, according to Grubb & Ellis research.
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