1150 N. Swift Road, Addison, IL
ADDISON, IL—Fast growing CPG.IO has signed a new deal to convert its sublease to a direct-lease and expand its presence at the 1150 N. Swift Road industrial building here by nearly 45,000 square feet.
The e-commerce firm that provides omni-channel marketing and fulfillment services, signed a seven-year lease for 144,614 square feet of space. The firm previously subleased approximately 100,000 square feet of space at the property, according to brokerage firm NAI Hiffman.
NAI Hiffman EVP Kelly Disser and senior associate Michael Freitag represented CPG.IO in the transaction. The new deal fills approximately 75% of the 188,588-square-foot building. Cushman & Wakefield represented Lincoln Property Company, which leases and manages the property on behalf of a domestic pension fund.
Built in 1998 on 15 acres, 1150 N. Swift Road features 30-foot clear heights, 40-by-40-foot bays, more than 40 loading docks, four drive-in doors and 200 parking spaces.
In 2014, CPG.IO occupied 10,000 square feet in Bensenville, then expanded to 20,000 square feet the following year. In 2017, NAI Hiffman secured a 50,000-square-foot sublease for the company at 1150 N. Swift Road, which was doubled to 100,000 square feet in 2018.
Under the terms of the new lease, which will commence at the beginning of May 2020, Lincoln Property will upgrade the warehouse with new LED lighting and heating units, and make cosmetic improvements to the office space. The lease structure also allows for a staggered payment and start date on the 44,000-square-foot expansion, NAI Hiffman reports.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
