Maria McNeil Reps Industrial Tenants in Western SuburbsBrown Commercial Group
December Recap: Chicago’s West Suburban Market
Kane and DuPage counties continue to see strong industrial activity and super low vacancy rates, creating a challenging environment for companies looking for space. Here’s a recap of recent transactions by Maria McNeil, who specializes in the Kane County submarket. She represented industrial tenants and office investors in evaluating their space needs, staying ahead of the competition for space, and maximizing their investments in today’s low vacancy environment.
By Wendell Hutson – Staff Reporter, Chicago Business Journal
Three industrial tenants have signed deals to occupy warehouse and distribution space in the Chicago area, including one expansion, as noted in the Chicago Business Journal.
Empower Distribution LLC signed a lease with Haberkorn-Jara Properties to occupy 4,100 square feet at 740 Edgewood Ave. in Wood Dale. And Keep It Clean signed a lease with Shree Partners LP to occupy 1,900 square feet of warehouse and office space at 424 Fort Hill Drive in Naperville.
Maria McNeil with Brown Commercial Group Inc., represented both the landlord and tenant in the transactions. She said the deals demonstrate how industrial tenants move or expand as their needs change. “Demand for industrial space is still high and inventory remains low,” she said. “We are seeing many tenants remaining in their current spaces and renewing unless they need larger space or their specific needs change.”
A third tenant, Vantage Construction, signed a lease with Lumarco Inc. to occupy 3,700 square feet at 1737 E. Wilson St. in Batavia for overflow warehouse space, according to McNeil, who represented the landlord. Industrial activity in the Chicago market has been robust this year with the vacancy rate at 4.2% at the end of the third quarter and a total of 31.6 million square feet absorbed in the Chicago market year-to-date through Q3.
As noted in the Illinois Real Estate Journal, McNeil also represented:
- The seller of two 4,000-square-foot office buildings at 1705-1725 South St. Geneva, Illinois, in the Kane County submarket. The new buyer, a private investor, is considering redeveloping the properties.
- The buyer of a 3,000-square-foot condominium at 815 Oakwood in Lake Zurich, Illinois. The buyers are a growing company that had been leasing for the past several years and was looking to finally purchase their own property.
“Due to the lack of inventory, it took almost a year to find a property that was not already under contract,” said McNeil. “By closely monitoring new listings and working quickly during the process, we were able to find a property that fit the buyer’s needs.