The warehouse at 2551-2561 Allan Drive got here on-line in 1985. Picture courtesy of Lee & Associates
LaSalle Funding Administration has signed a 106,100-square-foot lease renewal at 2551-2561 Allan Drive, a 198,196-square-foot industrial constructing in Elk Grove Village, Sick., a Chicago suburb. Lee & Associates represented the tenant, Logisteed America Inc., whereas Colliers negotiated on behalf of the owner.
LaSalle bought the 8.9-acre property for $17.8 million in 2015 from the Florida State Board of Administration, CommercialEdge information reveals. Relationship again to 1985, the two-story, cross-dock industrial facility options 24-foot clear heights, 5 drive-in doorways and 43 dock-high loading doorways, in addition to 130-foot truck courts and roughly 100 parking areas.
The Allan Drive warehouse gives easy accessibility to interstates 290 and 90. O’Hare Worldwide Airport is a few 11 miles away, whereas downtown Chicago and Chicago Halfway Worldwide Airport are inside 26 miles.
Lee & Associates Principals Kenneth Franzese and John Cassidy led the group that represented the tenant. Colliers Principals and Government Vice Presidents Jonathan Kohn and Christopher Volkert labored on behalf of the owner.
Sturdy fundamentals for Chicago’s industrial sector
The economic emptiness charge in Chicagoland was 4.9 % as of October, 30 foundation factors larger than the nationwide common, in response to a not too long ago revealed CommercialEdge report. Nonetheless, the metro had the biggest gross sales quantity within the Midwest year-to-date via the primary ten months of the yr, totaling $1.63 billion.
In October, the market had roughly 18 million sq. toes below development, the identical supply reveals. Notable initiatives within the space embody Seefried Properties’ 465,360-square-foot speculative industrial improvement in Elgin, Sick., that broke floor in July. The 2-building campus is slated for completion within the third quarter of subsequent yr.
