Avison Young Completes Chicago Industrial Lease
- Oct 25, 2018
Avison Young has facilitated an 89,900-square-foot industrial lease for Cycle Logistics, a transportation and distribution company based in Itasca, Ill., which decided to consolidate its space from multiple locations. The property is located at 1845 Tonne Road in Elk Grove Village in Chicago’s O’Hare submarket.
Principal Todd Heine and Associate Tom Curtis represented the landlord, Ella Holdings. Director Doug Pilcher from Cushman & Wakefield worked on behalf of the tenant.
The building was completed in early 1980s, according to PropertyShark.com, and entered Ella Holdings’ portfolio in 2014. The transaction price was $2.3 million.
“Landlords in the booming O’Hare industrial market continue to benefit from its strategic location and the historically low vacancy rate. This full-building lease allows the landlord to continue operating at 100 percent occupancy without any disruption to tenancy,” said Heine in a prepared statement.
According to Avison Young research, the O’Hare submarket, which ranks as one of the most sought-after industrial areas in the Midwest, had a net absorption of 1.2 million square feet of space in Q3. More than 2 million square feet were in various construction stages.
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