Duke Realty Corp. has leased out an entire 354,400-square-foot industrial building in the Chicago suburb of Bolingbrook to Old World Industries, the maker of PEAK motor oil and lubricants. The automotive and chemical firm will occupy Crossroads Parkway 605, one of 14 buildings in the area owned by the listed industrial property REIT.
Sited at 605 W. Crossroads Parkway in Bolingbrook, southwest of Chicago on Interstate 55, the one-story, Class A warehousing and distribution facility was built in 1999, according to Yardi Matrix. Duke Realty bought the asset in 2011 from TA Realty, which acquired it from Lincoln Financial group in 2003.
Cushman & Wakefield’s Britt Casey represented Old World Industries in the lease, while NAI Hiffman’s Jeff Fischer and John Whitehead represented Duke Realty as listing agent.
I-55 corridor heats up
The Chicago industrial market registered 4.7 million square feet of net absorption in the fourth quarter of 2018 and 15.7 million square feet for the year, according to research by Transwestern. Average asking rents grew by 4.1 percent annually and there was 20.1 million square feet of inventory under construction.
The I-55 corridor is particularly active, with 14.6 million square feet of new industrial space delivered since 2013, according to research by Colliers International. The submarket is 70 percent leased as of the first quarter. Duke Realty owns 14 buildings totaling 4.3 million square feet in the area.
Further north in Lake County, High Street Realty Co. recently bought a warehouse and manufacturing facility totaling 108,554 square feet in Libertyville and Lake Bluff, respectively. Transwestern Investment Group sold the fully occupied properties on behalf of Diversified International Partners.