Concept Laboratories signed a 119,000-square-foot lease in a warehouse on the South Side, the latest deal in an area that’s seen an rise in the amount of industrial construction.
Under the deal, the maker of personal care and household products will move from an 83,000-square-foot space about a mile away to the new facility at 4920 South Central Avenue. The 462,000-square-foot building is owned by Combined Warehouse Company.
The building features a total of 32 docks, clear ceiling heights of 24 to 28 feet and direct access to the Stevenson Expressway interchange with Central Avenue.
Mike Senner and Ned Frank of Colliers International represented Concept Labs in the lease negotiations, while CBRE’s Matt Mulvihill, Mitch Adams and Cal Payne represented Combined Warehouse.
The area of the South Side near the Stevenson has particularly benefited from Chicago’s hot industrial market. Earlier this month, Hilco Redevelopment Partners won city approval for its $100 million plan to build a more than 1 million-square-foot spec warehouse on the site of the shuttered Crawford Power Plant.
About a mile east, Angelo Gordon & Co. bought a 189,000-square-foot baking plant for $20 million. Banner Wholesale Grocers recently developed a new warehouse at 3000 South Ashland Avenue, Amigos Foods is building a 110,000-square-foot processing and warehouse facility near West 51st Street and South Kedzie Avenue, Venture One and USAA are developing a $17.5 million speculative logistics complex at 2445 South Rockwell Street, and Marina Cartage is building a 633,000-square-foot spec industrial complex in the Back of the Yards neighborhood.