HSA Commercial Real Estate today announced the firm has recently completed a 120,249-square-foot lease with Trifinity Partners at Delany Commerce Center in Waukegan, Ill. Trifinity, a third-party logistics firm that services major retailers and has operated in Lake County for over 20 years, will take immediate occupancy of the distribution center at 2431 Delany Road, relocating from another facility nearby.
The 218,500-square-foot building at 2431 Delany Road is the first distribution center at Delany Commerce Center, developed by HSA Commercial Real Estate in partnership with Great Point Investors. With the Trifinity lease, there is approximately 100,000 square feet still available in the property. The remaining space, which can be divided into suites as small as 23,600 square feet, offers 30’ clear heights, 14 truck docks, a drive-in door and 300 parking spaces, along with convenient access to both Highway 41 and Interstate 94. An adjacent 12-acre lot is available for larger, build-to-suit requirements.
Tim Thompson, executive vice president and managing director of the Industrial Services Division of HSA Commercial Real Estate, represented ownership in the lease transaction. Transwestern Principal Tom Boyle and Director Jared Paff represented the tenant.
HSA Commercial Real Estate’s Tim Thompson, who is responsible for the project leasing at Delany Commerce Center, recently published an article in the Illinois Real Estate Journal outlining the benefits of locating Lake County and growth that is occuring as a result.
In terms of size and available buildings, the 47-million-square-foot northern Lake County industrial market is as tight as any Chicago submarket such as Central DuPage, I-55 and I-88. The vacancy rate is roughly 8 percent, down from 10 percent a year ago and from almost 13 percent in the fourth quarter of 2010. The vacancy rate is 8.3 percent for the 1.1 billion-square-foot industrial market throughout Chicagoland, which means that Lake County is keeping pace with the rest of the region.
The northern Lake County industrial market has limited room to grow due to the lack of available land for new industrial development. The industrial corridor there is primarily composed of second- and third-generation warehouse buildings that don’t have the efficient, high-cube facility design that modern tenants’ desire. However, with a burst of new leasing activity driving vacancy rates to historic lows, development is certainly on the rise in northern Lake County for the first time in a long time.
Much of this leasing activity has been confined to Waukegan, Libertyville, Gurnee and other suburbs north of Illinois Route 60, where several users have signed leases of 100,000 square feet or larger. Unlike the more developed and mature market to the south, the area north of Route 60 has seen more new construction in recent years, attracting larger users that are looking for top-tier space.
To read the full article, please visit the Illinois Real Estate Journal website.
Below are photos of the recently-completed Delany Commerce Center. The building is now fully-enclosed and available for immediate occupancy.