NAI Hiffman Completes Lease with Major E-Commerce Company for 575,000 Square Feet of Last-Mile Warehouse Space in Chicago SuburbAugust 28, 2020
NAI Hiffman, the largest independent commercial real estate services firm in the Midwest, today announced it completed a lease for an undisclosed major e-commerce company for two new last-mile industrial buildings in Cicero, Ill., a western suburb of Chicago. The two buildings, known as BridgePoint 290 Buildings I and II, total 575,000 square feet and are located at 1400 S. Laramie Ave., less than 8 miles from downtown Chicago.
NAI Hiffman’s Mark Moran and Steve Connolly, executive vice presidents, and Brett Tomfohrde, senior associate, represented owner Cabot Properties in the deal. Cabot originally bought the 33-acre site in 2018 from Bridge Development Partners, which managed the development and construction of the two buildings, completed at the end of 2019. The new tenant is making additional improvements to both buildings, which it plans to use for its last-mile e-commerce fulfillment needs. The tenant was represented locally by Jason West, vice chair of the Chicago office of Cushman & Wakefield.
“This is another example of the continued demand for infill industrial redevelopment, particularly when it is well-located,” said Moran. “We saw the potential in this location six years ago, when we first did an analysis of it for an earlier owner. It offers quick access to a Chicago customer base and a strong local labor pool, both of which are attractive to this tenant and other e-commerce players wanting proximity to major population centers.”
Building I comprises 343,090 square feet, including more than 4,000 square feet of office space, plus 49 exterior docks (expandable to 69) with 36-foot clear heights, 94 trailer positions and parking for 303 cars. Building II has 232,845 square feet, with space for build-to-suit offices, along with 37 exterior docks (expandable to 45), 36-foot clear heights, 62 trailer positions and parking for 198 cars.
Both buildings are located less than a mile from I-290 and five miles from I-55. Midway International Airport is less than six miles from the site, and O’Hare International Airport less than 15 miles from the site.
About NAI Hiffman:
NAI Hiffman is the largest independent real estate services firm in the Midwest, providing leasing, property management, tenant representation, capital markets, project management and marketing services for institutional and private owners and occupiers of commercial real estate. It currently leases and manages a 91.3+ million square foot portfolio of more than 700 commercial properties throughout the region, with a primary focus on metropolitan Chicago. With more than 200 employees, NAI Hiffman is the Chicago-area representative for NAI Global, the world’s largest managed network of real estate service providers, with more than 6,700 local market professionals managing more than 380 million square feet of property. NAI Global has more than 375 offices strategically located throughout North America, Latin America, Europe and Asia Pacific. For more information, please visit www.hiffman.com.
About Cabot Properties:
Cabot Properties is an international private equity real estate investment firm exclusively focused on industrial properties. Formed in 1986, the firm is a leading investor, developer and operator of industrial properties throughout North America, the United Kingdom and Europe. Cabot is focused on producing attractive investment returns by targeting industrial buildings that serve major populations and modern logistics tenants. Cabot has invested $10 billion in industrial real estate, managing and operating over 3,800 tenants in over 1,400 buildings totaling approximately 180 million square feet (as of December 31, 2019). Cabot is headquartered in Boston with offices in London and Sydney.