CUSHMAN & WAKEFIELD BROKERS LEASE EXPANSION AND EXTENSION FOR PARTS TOWN
Restaurant Equipment Parts Supplier now occupies 103,000 Square Feet in Suburban Chicago
ADDISON, IL – May 23, 2012 – (RealEstateRama) — Just two years ago, restaurant equipment parts supplier Parts Town inked a 64,409-square-foot headquarters and distribution center lease in Addison, Ill., and now the company has expanded its presence at 1150A N. Swift Rd. to a total of 103,000 square feet. As in the earlier transaction, Parts Town was represented by the Cushman & Wakefield-Chicago Suburban team of Jason West, Sean Henrick and Michael Magliano. Cushman & Wakefield’s Britt Casey and Mike Hawryluk represented the ownership, a pension fund client of Lincoln Property Company affiliate Lincoln Advisory Group, Ltd.
“The company has been growing very rapidly, exceeding its own expectations,” said West referring to Parts Town, a national supplier of genuine OEM food equipment replacement parts to the restaurant industry. “With this transaction, they have not only expanded their distribution space, but have also made a major investment to expand the office component to accommodate the company’s large and growing customer service pool.”
Parts Town, which handles a substantial number of orders through its customer service group, now occupies more than half of the 188,274-square-foot industrial building at 1150 N. Swift Rd. Constructed in 1995 within the Meadows Business Park, the multi-tenant building currently offers an availability of 41,000 square feet. The building’s location is approximately 15 miles west of Chicago, with easy access to I-355, I-290 and Route 20.
The Chicago-area industrial market’s indicators continues to show positive trends, according to West. “The market is definitely improving,” he says. “Vacancy rates are dropping and absorption has been positive, reflecting the market’s trends for the past 18 months.”
Cushman & Wakefield, Inc.’s industrial brokerage platform provides global resources and local expertise for tenant and landlord representation, disposition and acquisition services, transaction management, and industrial consulting including labor and demographic analysis. In 2011, in the US alone, this group completed more than 6,100 industrial real estate transactions – totaling 225 million square feet – with an aggregate value in excess of $6.5 billion.
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About Cushman & Wakefield National Industrial
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Evelyn Weiss Francisco: evelyn (at) caryl (dot) com, (201) 796-7788, www.twitter.com/carylcomm
