Cushman & Wakefield Completes 132,000 Sq. Ft. of Industrial Leases at Territorial Business Campus in Bolingbrook, Illinoi
The demand for new industrial space is on the rise in Illinois' I-55 corridor, and a trio of leases totaling 132,000 square feet arranged by Cushman & Wakefield provide a clear indication of that demand. The three leases were completed at the TA Associates Realty-owned Territorial Business Campus in Bolingbrook by the Chicago-based Cushman & Wakefield team of Sean Henrick and Jason West, exclusive leasing agents for the property.
Territorial Business Campus consists of two buildings of 115,000 square feet each, located at 606 and 612 Territorial Drive in Bolingbrook. Developed by Panattoni Development Company, the state-of-the art industrial buildings were completed in late 2013, and the three long-term leases bring the campus to 60 percent occupancy.
At 606 Territorial Drive, Multi-Plastics, Inc., represented by Terri Alexander of Transwestern, leased 60,367 square feet; and Eastland Food Corp. represented by Calum Payne and Kevin Segerson of CBRE, leased 28,934 square feet. At 612 Territorial Drive, LMI Solutions, a manufacturer and distributor of toner cartridges and related imaging products, was represented by Tim McCahill and Brian Vanosky of Lee & Associates in a 42,680-square-foot lease. All three new tenants are utilizing the space for distribution and light manufacturing.
"The fact that these two buildings were recently completed on spec and are already 60 percent leased speaks to the leasing activity in the I-55 submarket," said Henrick. "The demand for class A new product has increased dramatically, and we expect that trend to continue."
Located in southwest suburban Chicago, the two buildings offer 30-foot clear ceilings, high image precast concrete exterior and state-of-the-art building systems, including ESFR sprinklers. Remaining availabilities include a 25,000-square-foot unit with a 2,000-square-foot office component at 606 Territorial Drive, and a 73,000-square-foot space at 612 Territorial Drive that can be divided into two smaller units.
"We are seeing a high level of interest in these availabilities and expect to be able to make additional announcements very soon," said Henrick.
Cushman & Wakefield's industrial brokerage platform provides global resources and local expertise for tenant and landlord representation, disposition and acquisition services, transaction management, and industrial consulting including labor and demographic analysis. In 2013, globally, this group completed nearly 8,900 industrial real estate transactions totaling 348 million square feet, with an aggregate value of $13.3 billion.