IDI Leases 670,666 SF Along I-88 Corridor
Chicagoland Volume Leads Company in 2011
Chicago, October 11, 2011– IDI is experiencing continued success in the Chicagoland marketplace with two new leases in the Interstate-88 corridor. In the past quarter, the full-service industrial real estate company has signed new leases with Green Sustainable Packaging (GSP) and JBS Logistics. Earlier this year, MMD Logistics and hhgregg (NYSE: HGG) also signed leases in facilities along I-88. For the first six months of 2011, Chicago area deals topped all other IDI markets in the U.S. with a total square footage of 812,722 leased.
According to Jeff Lanaghan, vice president of IDI, “I-88 has become an important distribution and manufacturing corridor based on the availability of its labor force. Quality employees are highly available due to the fact that Aurora and Naperville, Illinois’ second and fifth most populous cities respectively, are also along the corridor.” He added, “The labor force and proximity to the interstate system were definitely winning factors in JBS, Green Sustainable Packaging, hhgregg and MMD Logistics deciding to locate their warehousing and distribution center facilities in our properties.”
JBS Logistics, Inc. leased 303,800 square feet in Building 3 of Prairie Pointe Corporate Center, which is located in the I-88 submarket at 2043 Corporate Lane in Naperville, IL. The third-party logistics company fully occupies the building and will use the space for storage, warehousing and distribution of individually packaged consumer goods and food products on behalf of their clients. This lease brings the park to approximately 97 percent occupancy.
According to Lanaghan, “JBS currently operates out of two facilities totaling approximately 250,000 square feet in Central DuPage, but chose to move to Prairie Pointe Corporate Center because of the availability of a larger state-of-the-art facility and the location’s proximity to the interstate highway system.” The company plans to take occupancy in October 2011. Jeff Fischer of NAI Hiffman represented JBS Logistics in the lease transaction. Rick Daly and Cory Ramey of Darwin Realty listed the property on behalf of owners IDI and TIAA.
To the west of I-88, GSP leased 78,494 square feet respectively in Prime Business Park at 1455 Sequoia Drive bringing the building to 84 percent occupancy. GSP relocated from a smaller facility in west Chicago and will use the space to support their rapidly expanding environmental packaging production business. Suzanne Serino with Avison Young represented GSP and Jeff Janda and Mike Androwich with Lee & Associates were listing agents on the property. Jeff Lanaghan represented IDI in all of the new leases.
Earlier this year, MMD Logistics, a third-party logistics provider, also moved to a 41,012 space in Prime Business Park from a Bolingbrook facility where they previously had 50,000 square feet. John Joyce, Terry Alexander and Jeff Locasio of Newmark Knight Frank Epic represented MMD in the lease and Jeff Janda and Mike Androwich with Lee & Associates were listing agents on the property.
Finally, hhgregg Inc.’s facility for Gregg Appliances in Prairie Point West, Building A, is located in 247,360 square feet at 2176 Diehl Road in Aurora, IL. hhgregg is the first tenant in Building A, where 116,015 square feet remains available for lease.
IDI first acquired property in the I-88 corridor in 1996 with the development of Prairie Pointe Corporate Park in Naperville. The company now owns three properties totaling 52 acres (or 925,000 square feet) and spanning the eastern, central and western forks of the corridor.
IDI is a real estate company focused exclusively on industrial property. The company, headquartered in Atlanta, Georgia, provides development, investment and property management and leasing services supported by eight, strategically located U.S. market offices. Valued at $1.8 billion, IDI is among the largest privately-held logistics property companies in North America with ownership or interests in 33 million square feet of investment grade assets.
Since the company’s founding in 1989, IDI has built a reputation for delivering superior quality properties and service. To date, IDI has developed and acquired 134 million square feet of industrial space and completed more than 500 industrial facilities in the U.S., Canada and Mexico. The company’s investment portfolio, focused on building long-term value, holds more than 22 million square feet of assets and the company manages a portfolio of 50 million square feet.
About JBS Logistics
JBS Logistics has been in the Transportation, Warehousing and Fulfillment business since 1986. The main headquarters in Glendale Heights, Illinois is home to a 150,000 square foot warehouse and cross-dock facility. The Trucking Division primarily focuses on Truckload and Volume LTL to and from the Chicago-land area. The Brokerage Department has been successful for the past 25 years providing equipment for shippers all over the Continental U.S. For more information, visit www.jbstrans.com.
About Green Sustainable Packaging
Green Sustainable Packaging (GSP) has the latest packaging technology and wide-ranging production capabilities in advanced Water Soluble Pouch filling and production, with industry leading design and focus on Liquid and Gel filled Water Soluble Pouches. The company designs and produces the highest efficiency and most advanced Water Soluble packaging equipment in the world. Visit www.gsppva.com for more information.
About MMD Logistics
MMD Logistics is headquartered in Aurora, Illinois. The nationwide transportation company provides logistics services, including 48 State LTL & T/L service; local cartage; air freight and intermodal service; drayage & de-vanning of containers; service to Canada; warehousing and distribution; pick ups; and tracing. For more information, visit www.mmdlogistics.com.