Industrial

Fueled by E-Commerce, Chicago Industrial Market Still Poised for Growth at Mid-Year

CHICAGO, July 12, 2019 – Chicago’s industrial market continued to gain momentum in the first half of 2019, with a record-low vacancy rate, historically strong rental rates and a robust construction pipeline, according to the newly released “Chicago Q2 Industrial Market Snapshot” from Cushman & Wakefield, the top industrial agency leasing firm in Chicago over the past three years, based on data from CoStar Analytics. “Coming off a huge year in 2018 for new leasing activity and building completions, we were cautiously optimistic about 2019, which has already exceeded expectations at mid-year,” said David Friedland, executive director and Chicago Industrial Group leader for Cushman & Wakefield. “E-commerce, logistics, food and beverage and other industries continue to drive development, sales and leasing activity.” The local vacancy rate dropped to a record 19-year low of 5.0% in the second quarter, down from 5.5% in the first quarter and 6.3% a year earlier, [...]

2019-07-12T15:24:05-05:00July 12th, 2019|Tags: , , |

Cushman & Wakefield Represents LTD Commodities in Long-Term Renewal of 694,367 SF Distribution Facility in Aurora

CHICAGO, July 11, 2019 – Cushman & Wakefield represented LTD Commodities, one of the country's premier catalog and online merchandisers, on a long-term, 10-year renewal of its 694,367 square feet (sf) distribution facility, located at 1000 Bilter Road in Aurora, Ill. Jason West, Vice Chair and Chris Cummins, Executive Director, of Cushman & Wakefield represented LTD Commodities. The landlord, Liberty Property Trust, was represented by Matt Neumann. “The long-term lease extension resulted from a mutually beneficial relationship between the landlord and LTD Commodities at this key distribution facility, which is the ideal location to accommodate their employees and the delivery of product,” said West. “The facility works well for their current needs and the landlord’s willingness to upgrade the existing infrastructure of the warehouse will help to address any changing needs in the future.” About Cushman & Wakefield Cushman & Wakefield (NYSE: CWK) is a leading global real estate services [...]

Cushman & Wakefield Represents Landlord in Large Edens Corridor Industrial Lease

CHICAGO, June 25, 2019 – Cushman & Wakefield represented the landlord New Lincoln LLC in the long-term lease of 202,259 square feet (sf) of an industrial building at 7080 N. McCormick Blvd., in the near north suburb of Lincolnwood, to CubeWork, an office and warehousing co-working company. The transaction is one of the largest leasing deals in the Edens Corridor over the past 10 years. The 234,000 sf property sits on a 8.6 acre land site, and the balance of the building is leased to Service King, a national vehicle collision repair company. Steve Stone, Director, Advisory and Transaction Services, of Cushman & Wakefield represented New Lincoln LLC on the leasing side. CubeWork was represented by Bill Mass of Mass Realty. “This property offers the new tenant with a great deal of flexibility under one roof in a prime location just outside of the Chicago city limits,” said stone. About [...]

Three Chicago Area Brokers Promoted to Vice Chairs

CHICAGO, May 29, 2019 – Cushman & Wakefield has announced that three of its top producing Chicago area brokers—Britt Casey (Industrial), Alex Smith (Tenant Representation) and Jason West (Industrial)—have each been promoted to Vice Chair. As leaders in their service lines, each has ranked in Cushman & Wakefield’s Chicago Top 25 Producer list for the past three years. All three have also been recognized nationally, ranking on Cushman & Wakefield’s Americas Top 100 Producers this year. “Britt, Alex, and Jason have consistently achieved tremendous individual and team success and are leaders in their respective fields,” said Vicki Noonan, Chicago Managing Principal, Cushman & Wakefield. “Their passion and commitment to their clients – creating solutions and driving results – has contributed significantly to their success and to the overall success of the firm. These individuals are recognized by industry peers and organizations in Chicago and across the country – I am extremely [...]

Cushman & Wakefield Completes 1.5 MSF of leasing in I-55 Corridor

Company Bullish on Submarket with Leasing Up and Vacancy Down CHICAGO, April 23, 2019 – Acting as tenant and landlord representative, respectively, Cushman & Wakefield closed on ten transactions across the I-55 corridor in the First Quarter of 2019, totaling more than 1.5 million square feet (msf). Robust leasing activity and a 360-basis points year-over-year decrease point to strong demand for this Chicago submarket. Jason West, Executive Managing Director at Cushman & Wakefield credits institutional-quality real estate, proximity to major interstates, competitive rental rates and a strong labor pool for attracting tenants. “Much of the inventory in the I-55 corridor that was built in the last 12-24 months has been absorbed. Net absorption measured 673, 608 square feet during the first three months of 2019, which is a substantial increase over this time last year. Overall vacancy dropped from 13.7% in Q1 of 2018 to 10.1% in Q1 2019, with [...]

Cushman & Wakefield Recognizes 2018 Top Producers in Chicago

CHICAGO, March 21, 2019 – Cushman & Wakefield celebrates outstanding work on behalf of their valued clients, and the commitment and hard work of their 2018 Top Producers in Chicago. The firm’s global headquarters here in Chicago this week honors 27 individuals across its brokerage service lines including Capital Markets, Tenant Representation, Industrial, and Agency Leasing for their dedication to their work, their clients and the company. “I’m incredibly proud to recognize some of our outstanding brokers in Chicago in 2018, six of whom made Cushman & Wakefield’s Americas Top 100 List, which is a true testament to the strength of our Chicago platform and work on behalf of clients,” said Vicki Noonan, Chicago Managing Principal, Cushman & Wakefield. “Each of these individuals has made a tremendous impact on our business, our company culture and they are standouts in the commercial real estate sector. These talented professionals are also the [...]

Demolition of Former Dairyland Greyhound Park Makes Way for Kenosha Commerce Center

State-of-the-art industrial park to bring additional industry and new jobs CHICAGO, January 23, 2019 – Cushman & Wakefield is representing the new Kenosha Commerce Center (“KCC”), to be located on the former site of the Dairyland Greyhound Dog Track at 5522 104th Avenue, Kenosha, WI, 53144. The site, an industrial business park, will deliver in early 2020 and can accommodate industrial buildings comprising up to 1.8 million square feet (SF). The amenities-rich site, which totals 214 acres, will become Kenosha’s newest industrial business park and will be available for development and construction of build-to-suit leases and purchases in early 2020. KCC is located just north of the Wisconsin – Illinois border off the four-way interchange of I-94 and State Highway 158 and in convenient proximity to three airports – Kenosha Regional Airport is just across the street from the site, General Mitchell International Airport is a 30-minute commute and O’Hare [...]

Cushman & Wakefield Secures 2018’s Largest Industrial Lease in City of Chicago

MAT Limited Partnership and J.P. Morgan’s Marina Crossings is more than 50% leased within 60 days of completion of the site CHICAGO, January 10, 2019 – Cushman & Wakefield represented landlord Marina Crossings Owner, LLC, a joint venture between MAT Limited Partnership and institutional investors advised by J.P. Morgan Asset Management, in securing its first tenant at 2075 W. 43rd Street, a premier infill industrial development. It is the City of Chicago’s largest speculative industrial building since 1905. First Logistics, an Illinois-based 3PL, will expand from their current facility in Alsip, IL to immediately occupy 331,059 square feet (SF) of the 633,057 SF facility. Larry Goldwasser, Jason West, Colin Green, Matt Cowie and Michelle Maguire represented the landlord in lease negotiations. Larry Hanley of Midwest Commercial Real Estate represented the tenant. Larry Goldwasser, Managing Director, Cushman & Wakefield: “Marina Crossings is an attractive option for tenants looking for immediate proximity [...]

Planned Development Entitlement Approved for Largest New Industrial Building in Chicago

Hilco Redevelopment Partners Selects Cushman & Wakefield as Exclusive Leasing Broker for New Exchange 55 Project; Expected Delivery Q1 2020 CHICAGO, November 8, 2018 – Cushman & Wakefield has been selected as exclusive leasing broker for Exchange 55, the largest new industrial development available in Chicago. The Planned Development is approved, which means the site is fully entitled and zoned for industrial. Exchange 55 will break ground immediately, with delivery expected in Q1 of 2020. Developed by Chicago-based Hilco Redevelopment Partners, Exchange 55 offers up to 1,054,852 square feet (SF) of state-of-the-art warehouse space and is divisible to suit tenants of many types and sizes. Ideal for a wide range of uses and offering size flexibility, Exchange 55 will attract tenants across eCommerce, last-mile, food and cold storage, manufacturing, 3PL, warehouse, distribution, rail and heavy power users. The development will include a modern, sustainable design; 40’ clear height; 70’ speed [...]

Heathrow Scientific Signs for 186,616 SF Build to Suit in Lincolnshire, IL

68,589 SF Remain for Leasing CHICAGO October 24, 2018 – Cushman & Wakefield announced today that Heathrow Scientific has signed a build-to-suit agreement at 325 Marriott in Lincolnshire, IL, for 186,616 square feet (SF). Their building will be situated on 10.27 acres and features 25,000 SF of two-story office space, 36’ clear ceilings, and 14 exterior docks. The property broke ground in July of this year and Heathrow Scientific will take occupancy in April 2019. The Cushman & Wakefield team of Brett Kroner, Keith Puritz, and Eric Fischer represented Heathrow Scientific, global manufacturer of bench top equipment and lab essentials, in the transaction. The Cushman & Wakefield team is also acting as leasing agent on the remaining site, offering 68,589 SF of space for lease with a delivery date of spring 2019. The available space includes, 36’ clear ceilings, frontage on Half Day Rd (Rt. 22), along with six exterior [...]