Brown Commercial Group negotiates industrial building lease in Itasca
ITASCA -- Brown Commercial Group Partner Mike Antonelli, SIOR, and President Dan Brown represented Bulldog Cartage in its second industrial space expansion this year -- a 78,161-square-foot full-building lease at 1549 Glenlake Avenue in Itasca. This follows a recent 37,819-square-foot lease in Addison, that the Brown team negotiated for the storage, staging and shipping company.
"As Bulldog Cartage continues its rapid expansion, the company required a quick turnaround on additional warehouse and storage space, which was a challenge in today's low vacancy environment," said Antonelli. "We were able to secure a space that fit their operational needs while also negotiating lease terms that support the interests of their growing business -- all while working on a tight timeline."
The landlord was represented by John D'Orazio and Jonathan Kohn of Colliers.
The Glenlake Avenue building is on 2.96 acres and includes 6,283 square feet of recently renovated office space. It has four interior docks and one drive-in door and parking for 95 vehicles. Bulldog Cartage is a specialized logistics company based in Addison, IL, providing shipping, storage and handling services for a variety of businesses.
Chicago's Central DuPage industrial submarket continues to see strong leasing activity, recording 673,088 square feet of net absorption and a 2.16% vacancy rate at Q2 2022, according to research from Colliers. Over the past four quarters, record demand dropped the vacancy rate from 4.72%, a 256 basis point decline. Year-to-date net absorption totaled nearly 2.2 million square feet, the greatest six-month net absorption total in the submarket's history.
As speculative development in the pipeline delivers over the next six months, the Central DuPage vacancy rate is expected to edge upward unless those projects have notable pre-leasing activity, notes Colliers. Tenant demand is expected to remain elevated, however, given the submarket's strong location near O'Hare International Airport and major transportation corridors; the County's tax structure; and other factors.