DataMart was represented by Marat Safir, president of Taurus Realty Partners, while building owner ProLogis was represented by Cushman & Wakefield in the deal.
"They want to retain most of their employees, and this was close to their previous location," Safir tells GlobeSt.com. "They wanted to be close to the US Post Office that's in Carol Stream, which they utilize a lot for their business. The building also had the right ceiling heights, a great amount of loading, and the right amount of office space, and there's not many places that have the amount of existing office they're requiring."
Built in 2001, the building sits on a little more than eight acres, and features 12,000 square feet of office, 30-foot clear ceilings, an ESFR sprinkler system, seven docks, one drive-in door and 180 parking spaces. The property offers proximity to Interstate 355 and the Elgin-O'Hare expressway, as well as high visibility with frontage along Army Trail Road.
This new lease brings 279 Madsen Dr. to 100% leased. Asking lease rates at the building were around $5.75 per square foot, but Safir says ProLogis gave DataMart a more attractive rate because the company was able to use the space as-is and didn't require much modification. "The building was great space in great condition, and both parties were able to capitalize on that," Safir says.
ProLogis began developing the business park in 1999, and it now houses four buildings with a total of 510,000 square feet. The park is in the North DuPage submarket, where occupancy rates are around 91%, according to Grubb & Ellis' mid-year industrial market report. Average asking lease rates in the submarket are near $5.50 per square foot, Grubb's research shows.
"For this type of product in this square foot range, it's highly competitive in this submarket," Safir says. "There's quite a number of deals in that 30,000 to 50,000 square foot range. It's probably a more active part of that submarket, so I think both parties were fairly lucky to get this done in an expeditious manner."
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