High Street Logistics Inks 230 KSF Chicago-Area Lease
Lee & Associates represented the landlord and assisted the tenant.
High Street Logistics Properties has signed a 299,200-square-foot industrial lease extension in McCook, Ill. The tenant is Tru Vue, a manufacturer of glazing products and technical glass which fully occupies the building. Fischer and Co. represented the tenant, while Lee & Associates negotiated on behalf of the landlord.
High Street picked up the property in 2020 from Tru Vue for $25.1 million, according to Cook County public records. United of Omaha Life Insurance Co. provided a $13.4 million acquisition loan, with the maturity date set in 2027.
The one-story Class A industrial building is at 9400 W. 55th St. and includes 30-foot clear heights, HVAC climate control systems, ESFR sprinklers, 24 loading docks, three drive-in doors, 20 trailer parking spots and 245 vehicle parking spots.
The 11-acre property allows easy access to interstates 55 and 294, while being 8 miles from Chicago Midway International Airport, 15 miles from downtown Chicago, 16 miles from Naperville, Ill., and within 33 miles of Aurora, Ill.
Lee & Associates Principals Terry Grapenthin and Ryan Earley represented High Street. Fischer and Co., with the assistance of Lee & Associates Principal Tom Condon, worked on behalf of Tru Vue.
Industrial leasing in Chicagoland
According to a recent CommercialEdge report, rent growth was the slowest in the U.S. across Midwestern markets, with Chicago seeing 3.8 percent growth of in-place rents in the last 12 months. The vacancy rate clocked in at 4 percent as of December, fourth in the region but below the national 4.6 percent.
Significant leasing deals included CenterPoint Properties’ 330,694-square-foot commitment at CenterPoint 88 Industrial Center in Montgomery, Ill. NAI Hiffman negotiated the long-term lease on behalf of the tenant, which will relocate its headquarters at the 992,462-square-foot property.
In late 2023, LaSalle Investment Management signed a 106,100-square-foot renewal at 2551-2561 Allan Drive in Elk Grove, Ill. Colliers represented the tenant.