CHICAGO—The South Side of Chicago has seen far greater leasing activity than the northern half of town. Several large tenants needing expansions, for example, have just decided to shift their operations south. Anderson Brothers Moving and Storage Company and the Moody Bible Institute of Chicago have each signed ten-year leases totaling over 87,000-square-feet within the same 136,000-square-foot industrial building located at 2701 S. Western Avenue in Chicago.
Anderson signed for 50,438-square-feet and will relocate from 3141 N. Sheffield in the Lincoln Park neighborhood.
And the Moody Bible Institute leased 36,956-square-feet in the building to accommodate the expansion and relocation of their book publishing division from the Old Town campus on North Wells Street.
Ed Wabick of Paine/Wetzel / TCN Worldwide, along with Mark Nelson and Michael Nelson of NelsonHill represented the landlord ARES Capital in both transactions. Lou Kahn, Ed Gerstein and Daniel Day of Jameson Commercial worked on behalf of Anderson, and Julie Lane of Bradford Allen represented Moody.
Such deals have become more common in industrial buildings south of Madison St. According to Colliers, during the first quarter of 2013, just three industrial leases totaling 41,500-square-feet were signed in the Chicago North submarket. During the same period, however, new lease transactions in the Chicago South submarket had a total of 752,900-square-feet, nearly double the fourth quarter total of 378,400-square-feet.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
