Brown Commercial Group negotiated a full-building industrial lease of 75,072 square feet at 2601 Lively Blvd. Masterpiece International, a freight forwarder and logistics provider, negotiated a full-building industrial lease at 2601 Lively Blvd. in Elk Grove Village. The company specializes on moving artwork, antiquities and goods in the technology and life sciences sectors. The tenant was looking for a location near O’Hare International Airport to be a freight forwarding company that operates internationally.
The O’Hare Submarket is still one of the most desirable locations in Chicago for industrial space. According to CoStar, the submarket had 690,000.00 square feet of absorption and a 3.1% vacancy rate at the close of 2022. Tenants looking to expand or enter the market face a challenge as demand continues to exceed supply.
Pietrarosso searched for buildings measuring 40,000-50,000 square feet in the O’Hare area. Only 10 buildings were found that met the tenant’s needs.
The O’Hare submarket currently has approximately 1.3 million square footage under construction. However, vacancy is expected remain at the current low level for at least the remainder of the year. According to CoStar, rental rates have increased by 8.8% in the past year.
Sam Durkin and Phil Reiff, both of JLL, represented the landlord, ML Realty Partners.
Pietrarosso represented the seller, Plote in a 5.1-acre sale of land at 900-950 S. Randall Road Elgin, IL. The buyer plans on adding general business and retail shops to the site, which is currently vacant.