Rock Run's owner and developer IDI was represented in-house by Jeff Smith, VP of leasing and development, while Menlo was represented by John Suerth of CB Richard Ellis and Steve Shields of Transportation Property Co. in the deal.
The 387-acre Rock Run Business Park consists of 3.5 million square feet in 12 buildings, located one mile east of the intersection of interstate 80 and 55. "Geographically, it worked out well for them," Smith tells GlobeSt.com. "The building had a lot of dock and trailer capacity, which was important to them because they're doing an export operation there for their client, Caterpillar."
The remainder of the property - 150,000 square feet - is still available for lease, with asking lease rates around $3.60 per square foot net in the building. Other current tenants at Rock Run include Mack Trucks, Petco Animal Supplies, Tyco Healthcare, Unisource, and Madison Warehouse Corp. The park is located in the Interstate 80 submarket.
"The Interstate 80 market has seen an uptick in vacancy recently," Smith says. "There's a lot of product and big million-square-foot buildings out there. That tends to skew statistics pretty quickly."
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