Deal at 220 Westgate Drive underscores resilient demand for industrial outdoor storage in Chicago’s western suburbs
NAI Hiffman, the Midwest’s leading independent commercial real estate firm, today announced it brokered a long-term lease at 220 Westgate Drive in Carol Stream, Ill., with zero days of vacancy for building ownership.
The brokerage team of Executive Vice Presidents Kelly Disser and Mike Freitag, along with Senior Associate Bill Byrne and Associate Broker TJ Feeney, represented the landlord in the transaction.
This deal is the second time in four years the Disser team successfully executed a lease at 220 Westgate, with a combined total of less than five days of vacancy.
“Every time our team is retained by a real estate owner to lease or sell an industrial asset, our objective is to have zero downtime, maximizing rental revenue,” said Disser. “This was another successful project for our team. Each assignment is an opportunity to do something that others can’t, so we pursue the challenge. We love the industrial outdoor storage market because of its overlooked strategic advantages including high barriers to entry, ‘sticky’ tenants and resilient cash flow.”
NAI Hiffman created a competitive leasing environment by focusing marketing efforts around the property’s desirable Carol Stream address and functional design. As a result, the asset had multiple interested occupiers seeking a long-term lease. The property went on the market 12 months before lease expiration and found a new tenant before the prior term was up, resulting in a lease buyout and zero effective vacancy for building ownership. The new tenant declined to be identified.
The 1.72-acre site includes an 18,800-square-foot building with approximately 4,000 square feet of office space including a second-floor conference room. The structure offers an 18-foot clear height with one truck door and two 14-foot drive-in doors, along with a fully paved, fenced and secure yard.
The Central DuPage submarket, where 220 Westgate is located, posted the second-lowest vacancy rate among Chicagoland submarkets at 3.1% in the fourth quarter, according to NAI Hiffman research. That’s well below the Chicago metro average of 5.8% at the end of last year.
About NAI Hiffman:
NAI Hiffman is one of the largest independent commercial real estate services firms in the U.S., with a primary focus on metropolitan Chicago, and part of the NAI Global network. The firm provides institutional and private leasing, property management, tenant representation, capital markets, project services, research and marketing services for owners and occupiers of commercial real estate. To meet its clients’ growing needs outside of NAI Hiffman’s exclusive territory, the firm launched Hiffman National, a dedicated property solutions division, which provides property management, project services and property accounting services across the country. NAI Hiffman | Hiffman National is an award-winning company headquartered in suburban Chicago, with more than 275 employees strategically located throughout North America.
NAI Hiffman secured a long-term lease at 220 Westgate Drive in Carol Stream, Ill., without any days of vacancy for ownership.