Transwestern represents landlord in one of 2018’s largest O’Hare deals
CHICAGO – Transwestern today announces it has brokered a 343,410-square-foot industrial building lease for ODW Logistics Inc. at 5300 Proviso Drive in Melrose Park, Illinois. Senior Vice President John Joyce, CCIM, represented the landlord, TSP Melrose Park LLC in the deal.
“Distribution center tenants are expanding to meet growing business needs, especially in the O’Hare submarket,” said Joyce. “Tenants are looking at new construction alternatives, but they are deterred by the premium placed on rental rates from high construction costs.”
ODW Logistics is a third-party provider of salt and salt-based products. The property is unique because it has railway access and is cross-docked with 84 truck-level docks, 17 trailer positions, 10 rail doors, 120 car parking spaces, two air freight doors and 30,000 square feet of office space. It provides proximity to Interstates 290, 294 and 88. The property is also a 15-minute drive from the south cargo entrance of Chicago O’Hare International Airport.
“This is one of the largest deals completed in the O’Hare submarket in 2018 in terms of square feet,” said Transwestern’s Sandy McDonald, Director of Market Research – Midwest. “Based on current market conditions, we expect the 1.1 million square feet of speculative space delivered in third quarter 2018 will soon be absorbed. However, second-generation space still meets user demand because of favorable economics that tenants can enjoy.”
Dan McGillicuddy of JLL represented the tenant in the transaction.