CRE Midwest

Illinois Industrial Tool's new 166,000-square-foot lease in Lockport prompts Panattoni to expand campus

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With this lease signed shortly after the spec building’s completion, only 62,598 square feet remains available for lease in building No. 2, prompting Panattoni to announce the development of a third spec building on the site.

Illinois Industrial Tool, a distributor of value-priced hardware and tools, signed a 166,092-square-foot lease at building No. 2 in Panattoni Development Co.’s 355 Corporate Center in Lockport, Illinois.

With this lease signed shortly after the spec building’s completion, only 62,598 square feet remains available for lease in building No. 2, prompting Panattoni to announce the development of a third spec building on the site.

Panattoni Development Co. expanded its presence to the I-355 corridor with the 50-acre 355 Corporate Center, developing this project with joint venture partner PCCP.  Phase I consisted of two speculative light industrial buildings, the first of which was fully leased to UPS immediately after the completion of construction.

With building No. 2 more than 72 percent leased, Panattoni has announced plans for building No. 3, a speculative 300,158-square-foot building scheduled for delivery in the second quarter of 2017.

Mark Barbato and Adam Stokes of Nicolson, Porter & List represented Panattoni in the transaction and Walter Murphy of Lee & Associates represented Illinois Industrial Tool.