One big lease, one big transaction in Chicagoland Two recent Chicagoland deals expanded Chicago-based Prime Group Realty Trusts' presence in the Windy City's industrial market and enhanced the Midwestern distribution capabilities of Atlanta-based Home Depot. Prime Group acquired 43-47 Hintz Road in Wheeling, Ill., for $9.7 million. The 310,156 sq. ft. northwest Cook County building is 100% leased.
On behalf of Schiller Park, Ill.-based Northern Builders Inc., Rosemont, Ill.-based Colliers Bennett & Kahnweiler (CB&K) negotiated a 750,000 sq. ft. lease to Home Depot at Carlow Corporate Center in Bolingbrook, Ill. Home Depot leased the entire 420,750 sq. ft. building, Carlow II, with plans to expand it by an additional 329,250 sq. ft. St. Louis-based R.E. Perry Co. and Chicago-based Hiffman Shaffer Associates Inc. represented Home Depot in the transaction.
Higgins, Keystone expand Pennsylvania presence In one of the East Coast's hottest industrial markets, Chicago-based Higgins Development Partners LLC and West Conshohocken, Pa.-based Keystone Property Trust have expanded their Central Pennsylvania holdings. Keystone has acquired a fully leased 885,802 sq. ft. distribution facility from Hanover, Pa.-based Conewago Contractors Inc. for $29.5 million.
Near Allentown, Higgins has begun construction on Lehigh Distribution Center, a 500,000 sq. ft., 30-ft. clear height spec distribution center that will be completed by spring 2000. Higgins also owns an adjacent parcel that can support an additional 300,000 sq. ft. of industrial space.
Klabin Co. has deja vu all over again in L.A. County For the second time in a year, Lee Segal, a broker for The Klabin Co., Los Angeles, has negotiated a deal for a 175,000 sq. ft. industrial building in Gardena, Calif. Santa Fe Springs, Calif.-based Trojan Manufacturing acquired the building from New York-based Insignia/ESG for approximately $7 million. Segal represented both parties.
Insignia/ESG purchased the building in October 1998 from former occupant AB Plastics, which went out of business. Trojan Manufacturing occupied the building in mid-October and will use it to make casings for golf cart batteries. The two deals assembled by The Klabin Co. totaled more than $12 million.
DuPont Fabros set for metro D.C. flex development Washington, D.C.-based DuPont Fabros Development has purchased the 118-acre Ashburn Corporate Center in Ashburn, Va., on behalf of an unnamed limited partnership. The development is zoned and masterplanned for 2 million sq. ft. of office/flex and industrial space as well as a 240-room hotel and 35,000 sq. ft. of restaurant space.
DuPont Fabros plans to break ground on a single-story 250,000 sq. ft. flex building in the first quarter of 2000, and eventually build another 250,000 sq. ft. flex building. The company also hopes to break ground on the hotel and a 175,000 sq. ft. multi-story office building in the first quarter.
The development is adjacent to the new Loudoun County Parkway and directly across from MCI WorldCom's 1.3 million sq. ft. campus. Ashburn Corporate Center is also one-half mile from America Online's corporate headquarters and is near the cargo entrance of Dulles International Airport. Entitlements and infrastructure are in place. Development of the site was initiated in the 1980s but then abandoned after the market downturn of the late-1980s and early-1990s.