Duke Realty Corporation recently announced the acquisition of 335 W. Crossroads—a 288,000-square-foot industrial building in the I-55 submarket, which is Chicago’s second-largest industrial market. The real estate investment trust, which specializes in the ownership, management and development of bulk industrial facilities, also announced it has leased 190,080 square feet in the building to RTC Industries.
Located in Crossroads Business Park, the Class A industrial property increases Duke Realty’s industrial portfolio in the business park, where the REIT already owns 3.3 million square feet of industrial space in 10 fully leased buildings. The acquisition increases Duke Realty’s overall Chicago-area portfolio to over 10.6 million square feet and helps the REIT to meet the expansion needs of RTC, which also leases the 503,200-square-foot Crossroads V building.
“RTC has been an excellent tenant with solid growth since becoming a Duke Realty tenant,” said Steve Schnur, senior vice president of Duke Realty’s Chicago operations. “The acquisition of 335 W. Crossroads allows us to provide RTC with the additional space it needs and complements our strategy of increasing our investment in quality industrial buildings in strong distribution markets.”
The seller of 35 W. Crossroads Parkway was represented by Jeff Kapcheck with Colliers International. Bill Frain, Todd Lippmann and Jim Whalen with CBRE represented RTC Industries in their lease.
According to a recent report released by CBRE Global Research and Consulting, net absorption in the Chicago industrial market has increased to 16.9 million square feet compared to 2.4 million in 2010 and 15.7 million in 2011.
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Photo Courtesy of: www.dukerealty.com
Chart Courtesy of: CBRE Global Research and Consulting