First Logistics inks 1st lease at city’s largest spec industrial project

Alsip-based warehousing firm is taking half the space at what will be 633K sf Marina Crossings complex on South Side

Jan.January 10, 2019 03:03 PM

First Logistics’ Dennis Cole and Bob Moran, and Marina Crossing

The largest spec warehouse built in the city landed its first tenant.

First Logistics signed a lease for 331,000 square feet in the Marina Crossings complex at 2075 West 43rd Street in Back of the Yards, according to Cushman & Wakefield.

The Alsip-based warehousing and logistics company is expanding to the 633,000-square-foot facility that was built last year on the South Side by local trucking company Marina Cartage. At the time the complex was billed as the largest spec industrial project ever launched in Chicago.

Cushman & Wakefield’s Larry Goldwasser, Jason West, Colin Green, Matt Cowie and Michelle Maguire represented Marina Cartage in the lease negotiations. Larry Hanley of Midwest Commercial Real Estate represented First Logistics.

The Chicago region was one of the top markets for industrial leases in 2018, as the growth of e-commerce fueled the need for warehouse and distribution space.

The Near Southwest Side of the city has particularly benefited from investors’ desire for industrial properties. Hilco Redevelopment Partners plans a $100 million complex not far from Marina Crossings, Banner Wholesale Grocers built a new warehouse at 3000 South Ashland Avenue, Amigos Foods built a new 110,000-square-foot processing and warehouse facility near 51st and Kedzie Avenue, and Venture One and USAA are developing a spec project at 2445 South Rockwell Street.

The president of Marina Cartage is Michael Tadin Sr., who just bought a $5.2 million condo in No. 9 Walton, the JDL Development luxury condo tower that’s dominated the list of most expensive residential sales for more than a year.

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