Illinois Industrial Tool signs lease at Lockport center
Wednesday, August 24th 2016
PARK RIDGE — Illinois Industrial Tool, a distributor of value-priced hardware and tools, has signed a 166,092-square-foot lease at building No. 2 in Panattoni Development Co.’s 355 Corporate Center in Lockport, according to industrial real estate brokerage and property management firm Nicolson, Porter & List.
With this lease signed shortly after the spec building’s completion, only 62,598 square feet remains available for lease in building No. 2, prompting Panattoni to announce the development of a third spec building on the site.
“We continue to be pleased with the strength of tenant demand in the I-355 corridor,” said Jason Rosenberg of Panattoni Development. “Phase I has leased up on schedule, and we’re excited to push ahead with Phase II. Every spec building in both of the major parks in Lockport has been absorbed shortly after completion, and with a measured pipeline of supply, we expect that trend to continue with Phase II of our project.”
Mark Barbato and Adam Stokes of NPL represented Panattoni in the transaction and Walter Murphy of Lee & Associates represented Illinois Industrial Tool.
Panattoni Development Co., one of the most active developers in the I-55 corridor, expanded its presence to the I-355 corridor with the 50-acre 355 Corporate Center, developing this project with joint venture partner PCCP. Phase I consisted of two speculative light industrial buildings, the first of which was fully leased to UPS immediately after the completion of construction. With building #2 more than 72 percent leased, Panattoni has announced plans for building #3, a speculative 300,158-square-foot building scheduled for delivery in the second quarter of 2017.