Industrial N Illinois

CBRE negotiates more than 234k SF of O'Hare industrial leases for Prologis

CBRE negotiates more than 234k SF of O'Hare industrial leases for Prologis,ph1
1330 Kirk Street, Elk Grove Village, Illinois.

CBRE recently completed four industrial leases on behalf of Prologis in Chicago’s O’Hare submarket for a combined 234,090 square feet. CBRE’s Kevin Segerson, Matt Mulvihill, Cal Payne and Philip DeBoer represented Prologis in the four transactions in Elk Grove Village, Illinois.

The leases include Argents Air Express, represented by NAI Hiffman, taking on 80,000 square feet at 1300 Kirk Street. CTL Global leased 68,913 square feet at 1200 Thorndale Avenue, represented by Cresa. At 2791 Katherine Way, CBRE’s Segerson represented Partner Logistics in a 58,585-square-foot lease. Finally, Pallet Services, Inc. leased 26,592 square feet at 1109 Kirk Street, represented by JBS Commercial.

The O’Hare market remains one of the region’s tightest sectors, with a very low vacancy of 2.1 percent, below the market average of 3.6 percent, according to research from CBRE.

“Access to the airport and the central location of this market have become incredibly desirable,” said Segerson. “As shipping and logistics companies look to provide faster delivery times, activity in this market should remain very strong.”

Prologis, Inc. is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of June 30, 2018, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects across 685 million square feet in 19 countries.