CHICAGO—Panattoni Development Co. and its joint venture partner LaSalle Investment Management just finished developing their Turnberry Lakes Business Park in suburban Roselle, and with three new leases in hand, tenants will soon occupy 100% of the five-building development.

This location's desirability was perhaps best illustrated by the decision of Affordable Office Interiors to lease the entirety of the 154,126 square foot building at 501 Gary Ave. prior to its completion. Affordable Office Interiors — a new, used and recycled office furniture dealership providing turnkey facility services— will relocate from 365 E. North Ave. in Central DuPage's Carol Stream early next year.

“The greatest feature of this business park is its location,” Ronald J. Behm, principal with Colliers International | Chicago's Industrial Advisory Group, tells GlobeSt.com. It's on the northern edge of DuPage County adjacent to the Elgin-O'Hare Expressway, giving quick access to the airport and other transportation arteries, and “serves both the O'Hare market and the Central DuPage market. Carol Stream is too far south and west to draw companies from Elk Grove Village near the airport, but this area is convenient for both.”

And for tenants, this section of DuPage offers better deals than properties closer to the airport. “These are modern buildings with 30' clear heights,” Behm says. However, “we''re seeing $5 to $6 rents in this park, and in Elk Grove Village they're seeing $6 to $9 rents.”

Behm, Jeffrey J. Kapcheck, and Matthew J. Stauber, all principals with Colliers, have leased the Turnberry Lakes complex on behalf of Panattoni since it constructed the first property at 401 Gary Ave. in 2008. The 12 leases this team has completed there total over 700,000 square feet and include two for 101 Gary Ave., a 136,799 square foot building also finished this year.

At 101 Gary Ave., Aquion, Inc. signed a 91,049 square foot long-term lease and will relocate its world headquarters from 2080 Lunt in Elk Grove Village. Aquion manufactures and markets water treatment equipment and water quality solutions that serve a variety of markets around the world. The firm expects to occupy its new home in the first quarter of next year. It was represented by Todd Heine and Tom Curtis of Avison Young.

Also at 101 Gary Ave., RBI Bearing Inc., a manufacturer of ball bearings, castings, mounted units and custom machine parts, signed a 45,750 square foot long-term lease. RBI will relocate early next year from 1055 Stevenson in Roselle where it occupied 29,649 square feet. It was represented by Jonathan Kohn and John D'Orazio of Colliers.

“The only blip we had was during the recession,” adds Behm. But once the industrial market in the Chicago area returned to health, prospective tenants have been plentiful. Prologis also operates several buildings in the area, and these have also been fully leased. “If we had three more buildings here we could lease them up.”