15 May Avison Young Negotiates 291,728-Square-Foot Industrial Lease on Behalf of IDI Logistics
Avison Young Negotiates 291,728-Square-Foot Industrial Lease on Behalf of IDI Logistics
Accuride Takes Full Building, Consolidating Two Chicago Locations
CHICAGO, IL (May 15, 2019) – Avison Young announced today that it negotiated a 291,728-square-foot (SF) industrial lease at Rock Run Business Park, Building 14, in Joliet, IL, in the I-80 Corridor.
Avison Young Principals Mike Fonda, Chris Lydon and Chris Tecu, and Associate Brian Pomorski, based in the company’s Chicago office, represented IDI Logistics in leasing the entire building at 4050 Rock Creek Boulevard to Accuride Corporation, a global manufacturer of premium automotive parts. The speculative building was completed in the fourth quarter of 2018.
The tenant was represented by Mohr Partners’ Mark Urbanowicz and Matt Burton.
Accuride will consolidate two of its Chicago area facilities, in Batavia, IL and Naperville, IL, into the new building.
“This was a significant transaction for the Chicago market, as it demonstrates the continued demand for modern industrial space that is well designed and strategically located along key distribution corridors,” comments Lydon. “The tenant had several options in the I-80 Corridor and this one rose to the top quickly, given the building’s location near an important I-80 interchange and its design, which allows for a highly efficient distribution flow.”
There has been considerable speculative construction in the I-80 submarket in recent years, with 4.3 million square feet currently under construction across nine buildings.
“We are pleased to welcome Accuride to the Rock Run Business Park,” said Jeff Lanaghan of IDI Logistics. “We have worked diligently to design and construct buildings that can meet the evolving needs of today’s occupiers, which is even more important in today’s competitive environment.”
IDI Logistics has built out Rock Run Business Park over the past 25 years, as market demand necessitated a need for new and more efficient space. The company has developed 27.1 MSF of industrial space in the Chicago market and more than 200 msf across the globe.
4050 Rock Creek Boulevard, Building 14 was constructed with state-of-the-art features, including 36-foot clear height ceilings, 1,200 amp electrical service, LED warehouse lighting, “dark-sky” compliant exterior lighting, 38 dock doors, 234 parking spaces and build-to-suit office options. The building, which is located near the I-80/Houbolt interchange, also features a pioneering Ductilcrete floor slab in the warehouse area that eliminates up to 75 percent of the typical joints and, thus, increases load capacity and reduces joint maintenance.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its Principals. Founded in 1978, with legacies dating back more than 200 years, the company comprises approximately 5,000 real estate professionals in 120 offices in 20 countries. The firm’s experts provide value-added, client-centric investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, multi-family and hospitality sectors.
IDI Logistics is a leading developer and manager of logistics real estate in the U.S. The fully-integrated logistics platform has a long track record of speculative development, build-to-suits and value-add acquisitions. In its 30-year history, IDI Logistics has developed more than 100 world-class business parks and 750 warehouses totaling over 200 million SF throughout North America.