Cycle Logistics signs big industrial lease in Elk Grove Village

The transportation company is latest to take space in the hot O’Hare submarket

TRD CHICAGO /
Oct.October 17, 2018 03:00 PM

The industrial property

Cycle Logistics leased an industrial building in Elk Grove Village, making it the latest firm to take space in the hot industrial submarket near O’Hare Airport.

The Itasca-based transportation company is consolidating warehouse and distribution locations into the 89,900-square-foot property at 1845 Tonne Road, according to REJournals.

Avison Young’s Todd Heine and Tom Curtis represented landlord Ella Holdings in the lease deal, while Cycle Logistics was represented by Doug Pilcher of Cushman & Wakefield.

Avison Young said the O’Hare submarket had net absorption of 1.2 million square feet in the third quarter, with 915,590 square feet of leasing activity and 1.94 million square feet of industrial space under construction.

A second-quarter report from Colliers International showed the overall Chicago industrial market was very strong and the O’Hare submarket even better. The vacancy rate near the airport was 3 percent in the second quarter, the lowest rate ever recorded, the report said.

Elk Grove Village has benefitted from all the attention: Distribution Realty Group and Everwest Real Estate are selling a 956,000-square-foot industrial portfolio. And IPI Partners recently bought a data center in the village for $119 million. [REJournals] — John O’Brien

 

Related Articles

arrow_forward_ios
PepsiCo CEO Ramon Laguarta and WeWork CEO Adam Neumann with the Old Post Office (Credit: Getty Images)

Space race: WeWork, PepsiCo may take a combined 320K sf at 601W Companies’ Old Post Office

Amazon CEO Jeff Bezos and Hillwood Investment Properties’ 3639 Howard Street in Skokie, Illinois (Credit: Getty Images and Hillwood Investment Properties)

Amazon, with an insatiable appetite for warehouse space, appears to make big play in Skokie

Chicago casino operator probably won’t make much money, Tishman Speyer poaches JLL broker: Daily digest

Logistics Property Company Executive Vice President Aaron Martell and a rendering of the project

From residential to industrial: Logistics Property nears deal with homeowners to make way for warehouse project

Colliers Chicago's Jim Carris and Alissa Adler

Colliers Chicago will fold Podolsky Circle into its CRE business

Logistics Property Company Executive Vice President Aaron Martell and renderings of the company’s planned Addison warehouse project.

Warehouse developer makes a big play for rare dev site in DuPage County

Homes in Chicago's Archer Heights neighborhood (Credit: iStock)

Chicago Cheat Sheet: Chicago home value growth hits 3-year low, another suburban corporate exodus…& more

The Jeffery Towers portfolio

As South Shore booms, local investor seeks a big payout on 4-building portfolio

arrow_forward_ios