Noel Transportation is doubling its space in a McCook industrial building, bringing the Morgan Stanley-owned property to fully leased.
The Franklin Park-based third party logistics firm is taking 42,000 square feet in the 190,000-square-foot building at 4800 South Vernon Avenue. Noel’s space includes 2,300 square feet of offices.
Noel provides pickup and delivery service in Chicago and Texas, and handles small-scare warehousing and storage. The company plans to use the space as a regional distribution center for its Midwest operations, according to a press release.
Avison Young’s Chris Lydon and Chris Tecu represented Noel in the lease negotiations. Cushman and Wakefield represented Morgan Stanley.
Rents hit record highs this year in the suburban industrial market.
Noel’s building is not far from where food-packing company Assemblers Inc. recently signed a long-term lease extension with Heitman Capital Management for a 353,000-square-foot building at 8601 West 47th Street.
Nearby, in Hodgkins, Midwest Industrial Funds in July bought a 600,000-square-foot complex for $17 million.
McCook and Hodgkins are just west of an area of Chicago’s South Side that has seen a surge in industrial activity. Amigos Foods’ 110,000-square-foot processing and warehouse facility near 51st Street and South Kedzie Avenue landed one of the biggest construction loans of the year, while Venture One and USAA are developing a $17.5 million speculative logistics complex at 2445 South Rockwell Street.[] And a couple miles south, in Back of the Yards, Marina Cartage developed a 633,000-square-foot spec industrial complex at 2075 West 43rd Street.