CHICAGO—Colliers International just completed a series of major industrial leases in the O'Hare submarket for landlord Hamilton Partners, and company officials say tenant demand is helping push down vacancy rates to a historic low. Ronald J. Behm, a principal with Colliers' industrial advisory group, represented tenants Power Solutions International and EA Logistics in three different lease transactions with Hamilton totaling about 350,000-square-feet. Tom Maher handled negotiations on behalf of Hamilton.
“There is a tremendous amount of demand in the O'Hare area right now, particularly on the DuPage County side of the market where there are so few available buildings above 200,000-square-feet,” says Behm. “As vacancy rates have now fallen below 8.0% for the first time since 2001, it is clear that many tenants including PSI and EA Logistics have recognized the value of remaining in the area.”
PSI signed a new long-term lease for 197,269-square-feet at 1465-1499 W. Hamilton Parkway in suburban Itasca's Hamilton Lakes Business Park. PSI, a cleantech manufacturer and supplier of industrial and on-road engine and power solutions, will use the entire building for research, development and production. The property, constructed in 1988, features pre-cast construction, over 200 car parking spaces, 24' clear ceiling height, exterior docks, and fronts the new Elgin-O'Hare Expressway extension. PSI expects to occupy the new location in 2015 after completing major renovations.
Behm has represented PSI since 1985, when the company leased its first building totaling 14,000-square-feet. PSI now occupies more than 600,000-square-feet in the O'Hare area.
He also completed a new 112,012-square-foot long-term lease for EA Logistics— a freight forwarding, logistics, and warehousing provider located in the O'Hare area for more than 30 years— at 2825 Carl St. in Elk Grove Village. Constructed in 1979, this 148,064-square-foot property features a newly installed ESFR sprinkler system, 24' clear ceiling height, and precast construction.
EA Logistics also has a 40,002-square-foot lease at Mark Street Business Park, 1121 N. Wood Dale Rd. in nearby Wood Dale. Behm just completed a long-term lease renewal for EA Logistics at that location. The 82,283-square-foot facility was constructed in 1997 and features an ESFR sprinkler system, 24' clear ceiling height, 61-car parking, and nine exterior docks.
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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.
