Duke Realty Fully Leases Chicago-Area Industrial Park
- Aug 08, 2019
Duke Realty has secured a new lease at its 802,284-square-foot industrial park in Lockport, Ill., bringing the property to full occupancy. The new tenant, pallet management company 48forty Solutions, will occupy approximately 84,000 square feet at the third building of the Lockport complex.
Located at 16508 S. John Lane Crossing, the facility was completed in 2017. Duke Realty purchased it the same year from developer Panattoni Development for $21.6 million, according to Yardi Matrix data. The property provides a total of 300,494 square feet of space and 269 parking spaces. Features include 32-foot clear heights, 48 exterior docks, two drive-in doors, 57 trailer parking spaces, insulated ceilings as well as a mezzanine level. The location provides convenient access to interstates 355, 80 and 55, connecting clients to the Chicago metro area. Last year, Duke leased half of the building to Acer Service Corp.
The Cushman & Wakefield team of Jason West and Sean Henrick worked together with Duke’s Susan Bergdoll and Casey Grant to represent the landlord in the deal. Timothy McCune with Corporate Realty Advisors and David Prell with CBRE worked on behalf of the tenant.
Duke has recently delivered an industrial building in the I-55 submarket, Airport Logistics Center. This brings the REIT’s portfolio to a total of 14 buildings and more than 4.3 million square feet in the submarket. The properties are more than 95 percent leased.