CHICAGO—Maines Paper and Food Service Inc., one of the top independent food service distributors in the US, has just signed a long-term lease extension for 241,455 square feet of industrial space at 6405-6425 Muirfield Pkwy. in northwest suburban Hanover Park, an increasingly tight submarket.
Justin Fierz, Brian Vanosky, Steve Bass and Tim McCahill of Lee & Associates Illinois represented Maines in what they describe as a multi-million dollar lease transaction. Prologis, the landlord of the property, was represented by Kenneth Franzese and John Cassidy, also of Lee & Associates Illinois.
“After a long, multi-year, multi-site search process that involved comparing many different options and scenarios this building proved to be the best fit for Maines,” says Fierz, principal, who was the lead tenant rep advisor on the project. “Prologis was very good to work with on a number of fronts and gave Maines a tenant improvement allowance to complete some of the needed renovations at the building including dock systems, office space, the warehouse floors and parking lot.”
Built in 1994, the facility is a precast concrete and glass distribution building with 26-foot clear ceilings, 26 loading docks, onsite trailer parking, 175 car parking spots and has existing freezer, cooler and refrigerated dock space.
After reaching 8.60% in the first quarter of 2014, the vacancy rate in the Central DuPage submarket dropped throughout the year to a fourth quarter total of 7.35%, according to Colliers International. This was a 21 bps decline from the fourth quarter 2013 level of 7.56%.
And although 2014 net absorption was just 170,700 square feet, far below the 2.2 million square feet reported for the previous year, Colliers attributed this to “a higher level of space returning to the market.”
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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.
