"From a transportation standpoint, it's located right at the end of the Elgin-O'Hare Expressway, two to three miles from Interstate 355 and in close proximity to the airport," Kapcheck tells GlobeSt.com. "Additionally, the building already had in place the office component they were looking for."
RIM, a domestic and international transportation and logistics provider, was seeking a significant amount of office, and this property fit the bill with 25,000 square feet on two floors.
"They required an unusually high amount of office, and existing buildings typically do not have that large size of office," Behm tells GlobeSt.com. Constructed in 1994, the building also offers 22 exterior docks, 25-foot clear ceilings, T5 lighting and high-efficiency heating. RIM is relocating to the new property from its previous location on Mittel Boulevard in Wood Dale.
"The building had A+ amenities and in current market conditions, they were able to get a very good value from a rental standpoint for that kind of real estate," Kapcheck says. Asking lease rates at AMB's properties in Turnberry range from $4 to $4.50 per square foot. Though all of AMB's properties are now 100% leased, Colliers is currently marketing spaces ranging from 40,000 to 360,000 square feet in advance of expected upcoming vacancies.
AMB has owned its Turnberry properties, offering a total of 1.7 million square feet, since December 2004, when it acquired the five buildings along with vacant land in the park for $100 million from Prudential Real Estate Investors. The company later developed a portion of the vacant land at 1620 Central Ave. with a 180,000-square-foot building, which it sold earlier this year to a user for $11 million, sources say.
Development on Turnberry began in the early 1990s, and it now offers five million square feet in 28 buildings. The park is located in the north DuPage County submarket, where overall occupancy is around 90%, according to Grubb & Ellis' mid-year industrial market report. Average asking lease rates in the submarket are near $4.70 per square foot, Grubb's research says.
Behm and Kapcheck have represented AMB's portfolio of Turnberry buildings for nearly a decade, and under two previous owners, first CIGNA then Prudential. "The reason this park is more successful than other areas in DuPage County is because of the immediate access to the Elgin-O'Hare Expressway, which is a feeder to O'Hare tenants," Behm says. "An O'Hare tenant can justify occupying space in north DuPage, but cannot justify occupying space in central DuPage, because of the proximity to the highway.
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