CHICAGO—The I-55 Corridor has become one of the hottest industrial markets in Chicagoland, and new tenants in the area have just signed another trio of significant leases. The three leases, all long-term and totaling 132,000-square-feet, were completed at the TA Associates Realty-owned Territorial Business Campus in southwest suburban Bolingbrook by the Chicago-based Cushman & Wakefield team of Sean Henrick and Jason West, exclusive leasing agents for the property.
Territorial Business Campus consists of two buildings of 115,000-square-feet each, located at 606 and 612 Territorial Dr. Developed by Panattoni Development Co. the buildings were completed in late 2013, and the new three long-term leases bring the campus to 60% occupancy.
At 606 Territorial Dr., Multi-Plastics, Inc., represented by Terri Alexander of Transwestern, leased 60,367-square-feet; and Eastland Food Corp. represented by Calum Payne and Kevin Segerson of CBRE, leased 28,934-square-feet. At 612 Territorial Dr., LMI Solutions, a manufacturer and distributor of toner cartridges and imaging products, was represented by Tim McCahill and Brian Vanosky of Lee & Associates in a 42,680-square-foot lease. All three new tenants will use the space for distribution and light manufacturing.
“The fact that these two buildings were recently completed on spec and are already 60% leased speaks to the leasing activity in the I-55 submarket,” says Henrick. “The demand for class A new product has increased dramatically, and we expect that trend to continue.”
Tenants in the I-55 Corridor signed agreements to lease 2.1-million-square-feet in the first quarter, nearly four times the amount leased in the fourth quarter of 2013, according to a recent report by Colliers.
The two buildings offer 30' clear ceilings, precast concrete exteriors and state-of-the-art building systems, including ESFR sprinklers. Remaining spaces available include a 25,000-square-foot unit with 2,000-square-feet of offices at 606 Territorial Dr., and a 73,000-square-foot space at 612 Territorial Dr. that the owner can divide into two units.
“We are seeing a high level of interest in these availabilities and expect to be able to make additional announcements very soon,” Henrick adds.
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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.
