CHICAGO—The region's industrial sector has seen a steady level of user demand, and the relatively small Elgin submarket has gotten its share. Conor Commercial Real Estate, a member of the McShane Companies, and its partner Globe Corp. recently finished Northwest Pointe, a speculative industrial development in Elgin, and just signed a new lease that brings the facility to 100% occupancy.
Box Partners, LLC has agreed to lease 205,648 square feet of the 342,620 square-foot building at 2501 Galvin Rd. This follows the lease signed last year by Illinois Tool Works, one of Chicagoland's largest and most successful corporations, for 136,972 square-feet.
The rental rate paid by Box Partners, one of the nation's largest wholesalers of packaging, shipping and industrial supplies, was not available, but ITW agreed to pay $5.40 per square-foot, Daniel E. Fogarty Jr., vice president of the Irvine, CA-based Conor, told GlobeSt.com. The average rental rate in the submarket is now $5.04, according to a recent report from Colliers.
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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.
