Brown Commercial Group negotiates the lease of an industrial building 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 build lease at 1549 Glenlake Avenue in Itasca. This follows a recent 37,819 square foot lease in Addison, which the Brown team negotiated for the storage, staging and shipping company.
“As Bulldog Cartage continues its rapid expansion, the business needed a quick turnaround for additional warehousing and storage space, which was a challenge in the current low turnover environment. vacancy,” Antonelli said. “We were able to secure a space that matched their operational needs while negotiating lease terms that support their growing business interests, while working to tight deadlines.”
The owner was represented by John D’Orazio and Jonathan Kohn of Colliers.
The Glenlake Avenue building spans 2.96 acres and includes 6,283 square feet of newly renovated office space. It has four interior docks and an entrance gate and parking for 95 vehicles. Bulldog Cartage is a specialty logistics company based in Addison, IL, providing shipping, storage and material handling services for a variety of businesses.
Chicago’s Central DuPage industrial submarket continues to see strong rental activity, seeing 673,088 square feet of net uptake and a vacancy rate of 2.16% in Q2 2022, according to research by Colliers. Over the past four quarters, record demand has pushed the vacancy rate down 4.72%, a decline of 256 basis points. Year-to-date net absorption totaled nearly 2.2 million square feet, the largest six-month net absorption total in submarket history.
As speculative development in the pipeline materializes over the next six months, Central DuPage’s vacancy rate is expected to increase slightly unless these projects have notable pre-lease activity, notes Colliers. . However, tenant demand is expected to remain high, given the submarket’s prime location near O’Hare International Airport and major transportation corridors; county tax structure; and other factors.