CHICAGO—The vacancy rate for industrial properties in the O'Hare submarket has now declined for 12 straight quarters and recently sank to just 5.35%. So it's perhaps not a surprise that another owner has successfully leased up a building next to the airport.
CenterPoint Properties just signed a long-term lease agreement with Tax Air Freight for 55,251 square feet at 10700 Waveland Ave. in Franklin Park. Tax Air Freight is the third of three tenants in the 142,447 square foot facility, bringing its occupancy to 100%. Tom Rodeno of Colliers International represented Tax Air Freight in the transaction, and Jim Estus, also of Colliers, represented CenterPoint.
"This location provides us easy transportation access to the highway and airport, and the ability to add office space and docks," says Mark Zeidler, president and chief executive officer of Tax Air Freight. "With the trailer storage and parking, CenterPoint was able to accommodate our need for space and growth, helping us to better serve our customers."
"The available supply of industrial properties around O'Hare has dropped an impressive 2.3 million square feet over the past four quarters," according to Colliers. And the robust level of leasing has encouraged some developers to launch new projects in the area. Hamilton Partners has almost completed a 184,000 square foot building in Bensenville and Liberty Property Trust should finish a 235,800 square foot speculative facility in Des Plaines during the fourth quarter.
Tax Air Freight provides trucking services throughout the Midwest and nationwide logistics through its Flyer Logistics service. Located on an 8.23-acre site, this building allows the company quick access to I-294 and Chicago's O'Hare International Airport. Tax Air's new space features 3,500 square feet of office space, 23 dock positions, 27 trailer stalls and room for 14 truck-parking stalls. Its lease will start in March 2016.
"CenterPoint has had a relationship with Tax Air Freight in other markets in the past," says Ed Harrington, senior vice president of development at CenterPoint. "We are happy to continue to build our relationship by providing the company with a solution for their air transportation needs."
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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.
