Suburban Chicago industrial site fully leases 151,000 square feet

New suburban Chicago industrial leases will further reduce vacancy rates, which already are near record lows.

Conor Commercial Real Estate, based in Chicago suburb Rosemont, said Monday it has fully leased its 151,000-square-foot Executive Commerce Center property completed in 2020 in Prospect Heights to two tenants.

One of them, Syncreon, handles logistics for Samsung and will use half the building for warehouse and distribution space, while the other, Plitek, will lease the second half. The company manufacturers die cut products and components, from thin gauge films, plastics, foams and adhesives, according to the company’s website.

“New Class A industrial product with proximity to Palatine Road and the Tri-State Expressway in the north O’Hare submarket is supply-constrained,” Brian Quigley, executive vice president at Conor, said in a statement. “In addition to logistical advantages, the project provides our tenants with a custom build out and a host of nearby amenities including hotels, restaurants and Executive Airport.”

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A spokeswoman for Conor declined to disclose terms of the leases, and neither tenant responded to requests for comment.

​​Conor said the site has convenient access to major highways and the surrounding metropolitan area, sitting just a five-minute drive from Interstate 294 and 15 minutes from I-94 and Route 53 to I-290 and I-355.

It is also located 1.3 miles from the Prospect Heights Metra Station and 15 minutes from O’Hare International Airport, and sits next to Chicago Executive Airport so tenants have the option to use private aviation, Conor said.

The building includes 35 truck docks, two drive-in doors and a 60′ speed bay. Conor was represented in lease negotiations by Mike Sedjo and Ben Dickey of CBRE. Sedjo declined to comment and Dickey could not be reached.

Industrial real estate markets in suburban Chicago are on an upswing that isn’t expected to slow down this year, as new construction is unable to keep pace with growing demand fueled by e-commerce activity, according to a Colliers International report on the area’s industrial market released late last month.