Amazon Expands Chicago-Area Presence
- Mar 12, 2021
Amazon has signed a 215,550-square-foot lease at the 265,550-square-foot North Avenue Commerce Center in Winfield, Ill.
The transaction marks the e-commerce giant’s third deal with Conor Commercial Real Estate over the past year. In mid-July, Amazon signed a full-building lease for the 316,500-square-foot Last Mile Logistics Center I-55, located on the southwest side of Chicago.
Situated at 27 W. 460 St. Charles Road, the asset occupies 17 acres on the southwest corner of North Avenue and Morton Road. The property is 6 miles from Interstate 355 and the Interstate 390 expansion project, 10 miles from interstates 290 and 88, as well as a little over 22 miles from O’Hare International Airport.
Completed in 2019, the Class A facility features 32-foot clear height, 50-by-52-foot column spacing, ESFR sprinkler system, 56 truck docks and four drive-in doors. Additionally, the property includes 12 trailer parking stalls and 288 vehicle parking spots. McShane Construction Co. and Ware Malcomb provided construction and design services, while CommercialEdge data shows Associated Bank provided $13 million in construction financing in 2018.
The industrial sector has weathered the pandemic-induced difficulties with relative ease due to a surge in e-commerce activity. The ongoing demand for industrial space has sustained rent growth, while keeping vacancy rates low. In the most recent CommercialEdge Industrial report, the Chicago market saw a 7.2 percent vacancy rate as of January. Additionally, average rents rose 3.5 percent year-over-year, reaching $5.2 per square foot.