Search
 

PEAK Completes Center, Signs New Tenant

BOLINGBROOK, IL-The project brings 72,000 sf of warehouse/office condo space to just off Interstate 55. Slow Pro has agreed to a five-year lease.

By Cari Brokamp | Updated on September 04, 2008

BOLINGBROOK, IL-Construction has completed on the speculative 72,000-sf, $7 million Crossroads Corporate Center development, which offers warehouse and office condos just off Interstate 55. The first tenant, Flow Pro, has just signed a five-year lease to take up 9,000 sf at 1000 Crossroads Pkwy., constructed by Summit Design + Build LLC, and developed by PEAK Development LLC.

The building is divisible to 3,900 sf, with plumbing, electrical systems, heating, and one private drive-in door available in each unit. The building also offers 21-foot clear height, ESFR fire sprinkler systems, two common interior truck docks, one overhead door to a common corridor for dock access, and 135 parking spots. “You have great visibility from Interstate 55, which is why we’re more unique,” says Ken Motew, managing partner of PEAK.

The building is about 13%, with asking lease rates around $6.25 per sf, triple net, or the option to buy at about $93 per sf, says Motew. He says the price to buy will escalate by about 2.5% a year. Motew says there has been interest from a medical company to purchase all of the remaining 63,000 sf.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.