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