Growing E-Commerce Business Takes More Space in Carol StreamBrown Commercial Group
MAY 27, 2021
Brown Commercial Group represented Global eParcel Solutions LLC in a 32,000-square-foot lease at 835-845 Carol Court in Carol Stream, IL. The growing business, which has expanded its space by 29,000 square feet through multiple leases over the past five years, provides domestic and international shipping for e-commerce companies via trucking, sea freight and air freight.
The business has grown significantly over the past five years, when Senior Broker Mason Hezner represented the firm on a 3,000-square-foot transaction. In 2020, the company was purchased by Jersey Post Logistics, a large global logistics services firm. The company is based in Fort Lauderdale, FL and has other offices in New York and Los Angeles.
The 32,000-square-foot unit has 3,217 square feet of office space, seven exterior docks and two drive-in doors. Located within the Carol Point Business Center, it offers proximity to I-355, I-390 North Avenue, Army Trail Road, and Lake Street. Cushman & Wakefield’s Al Caruana represented the building owner, MP Carol Point Business Center LLC.
The Central DuPage submarket has a low vacancy rate of just 4.99% and recorded the highest quarterly new leasing volume (683,177-sf) in more than a year, according to Colliers’ Chicago Q1 2021 industrial report. With just one speculative building of 133,100-sf under construction, competition is strong for the existing space in the submarket. During the first quarter, the submarket had 13 new leases totaling 683,177 square feet signed, the greatest quarterly total since Q4 2019. Demand for new product that is well-located is expected to expand further in 2021, given growth by e-commerce companies and other businesses.
CoStar research shows that logistics facilities total 33.8 million square feet in that section of DuPage County and account for a large portion of the overall industrial supply in that submarket. Rents have increased by 5.2% over the past 12 months, the strongest rental growth seen in more than a decade.
There is 470,000 sf of new product underway in that submarket, which has had 700,000 sf added over the past three years.
See the story at IL RE Journals.