Duke Realty Signs 500,000 SF of New Leases in the I-55 Submarket
Chicago, IL – June 2, 2015 – (RealEstateRama) — he Chicago office of Duke Realty, a leading nationwide REIT (Real Estate Investment Trust) specializing in the ownership, management and development of bulk industrial facilities, has signed leases totaling 496,183 square feet in three of its buildings along the I-55 corridor southwest of Chicago. The transactions include an expansion by RTC, Inc. and a new lease with APL Warehouse Logistics Management, Inc. in two of its buildings in Crossroads Business Park in Bolingbrook, and a new lease with Midwest Air Technologies, Inc. in 1341 Enterprise Drive, a 324,115-square-foot speculative warehouse it delivered in May in Romeoville.
RTC, a designer of retail marketing displays, has expanded into 97,920 square feet of space in Duke Realty’s building located at 335 Crossroads Parkway in Crossroads Business Park. Concurrent with signing its new lease, RTC extended its original 190,080-square-foot-lease. With these two leases, RTC now occupies 100 percent of the 288,000-square-foot building.
Also in Crossroads Business Park, APL Warehouse Logistics Management, a third-party logistics services provider, signed a new lease for all of Duke Realty’s 145,000-square-foot building at 515 Crossroads Parkway.
Midwest Air Technologies, Inc., a global manufacturing, marketing and distribution company for the hardware, fencing, automotive and power equipment industries, signed a lease for 253,263 square feet or 78 percent of Duke Realty’s new building in the I-55 submarket. Duke Realty constructed the 324,115-square-foot, cross-dock warehouse on a site it purchased in early 2014.
“These three transactions are indicative of the continued strong demand for quality space in the I-55 submarket,” said Ryan O’Leary, Senior Vice President of Duke Realty’s Chicago operations. “We are pleased that we could meet these three clients’ space needs in an area where demand is high, but availability is limited.”
Bill Frain with CBRE represented RTC Industries its space expansion and lease extension, while Duke Realty was represented by Susan Bergdoll, Vice President of Leasing, and listing agent Jeff Kapcheck with Colliers International. Larry Johnson with CBRE represented APL Warehouse Logistics Management in its new lease with listing agent Rick Daly with Darwin Realty and Development and Ms. Bergdoll representing Duke Realty. In its new lease, Midwest Air Technologies, Inc. was represented by Amanda Jennings and C.J. Kuehl with REologie Commercial Real Estate Advisors and Duke Realty was represented by Ms. Bergdoll and listing agents Trevor Ragsdale and Michael Connor with JLL.
Parties interested in leasing the remaining 70,852 square feet of space in 1341 Enterprise Drive are invited to contact Duke Realty at 847.232.5400 or Mr. Ragsdale with JLL at 773.458.1390.
About Duke Realty
In the greater Chicago area, Duke Realty owns, manages or has under development 12.2 million square feet of industrial properties and has strategic land positions available for future development. Duke Realty’s local offices are located a 9377 West Higgins Road, Suite 600 in Rosemont.
On a national basis, Duke Realty Corporation owns, maintains an interest in or has under development 141 million rentable square feet of bulk distribution and office assets, including medical office, in 22 major U.S. metropolitan areas. Duke Realty Corporation is publicly traded on the NYSE under the symbol DRE and is listed on the S&P MidCap 400 Index. More information about Duke Realty Corporation is available at www.dukerealty.com. Duke Realty also can be followed on Twitter, LinkedIn, Facebook and YouTube.
