IDI Leases 443,010 SF to Peacock Engineering
Chicago (July 27, 2007) -- Peacock Engineering Co., a leading provider of contract packaging services for the consumer food industry, has signed a 443,010-square-foot lease with IDI at Bolingbrook Corporate Center West in Bolingbrook, Ill., southwest of downtown Chicago. The Geneva, Ill.-based company will establish its largest packaging and distribution operation to date when it occupies the entire IDI-developed Building 1 at Bolingbrook Corporate Center West.
Peacock Engineering, which signed a 10-year lease, will begin to occupy the facility in August. The company’s new facility at Bolingbrook West is part of an expansion program being implemented by Behrman Capital, which acquired Peacock Engineering in early 2007. Peacock Engineering recently won a contract with a major cereal company, spurring the need for additional packaging and distribution space.
“This facility will accommodate Peacock Engineering’s expanding client base,” said Jeff Smith, vice president of leasing and development in IDI’s Chicago office. “The company needed a modern, Class-A facility, and the strategic location within the Interstate-55 corridor is a good match for the company’s distribution requirements.
Tenant improvements will include 100,000 square feet of packaging space, 18,700 square feet of office space and 20,000 square feet of climate-controlled warehouse storage. The building, completed in 2006, features 32-foot clear-height ceilings, 48 dock doors, 4 drive-in doors and a 130-foot truck court.
Jeffrey Janda and Jim Planey of Lee & Associates represented Peacock Engineering in the lease deal, and Benjamin Cremer and Michael Robbins of NAI Hiffman were the listing brokers. Jeff Smith represented IDI in the lease negotiations.
With Peacock’s lease of the entire 443,010-square-foot Building 1 at Bolingbrook Corporate Center West, IDI now plans to develop 453,090-square-foot Building 2. The building, scheduled for delivery in 2008, will accommodate tenants requiring 120,000 square feet and higher.
IDI (www.idi.com) is a national, full-service industrial real estate developer based in Atlanta, providing strategically located properties throughout the U.S. to meet its tenants’ distribution, warehouse and light-manufacturing needs. To date, IDI has developed 125 million square feet of industrial space valued at $5.6 billion. IDI has development offices in Atlanta, Cincinnati, Chicago, Dallas, Fort Lauderdale, Los Angeles, Memphis and Philadelphia. Also, IDI Services Group (www.idisg.com) provides comprehensive property management, leasing and construction management services, currently managing more than 60 million square feet of property for IDI tenants, including third-party owners such as pension funds and insurance companies.