ROSELLE, ILL. — Rieder NA, a manufacturer of concrete facades, has signed a 30,300-square-foot industrial lease at 20 Presidential Drive in Roselle within the North DuPage submarket. Jeff Janda and Mike Plumb of Lee & Associates of Illinois represented Tripar International Inc., which owns and occupies the rest of the 63,978-square-foot building. David Haigh of NAI Hiffman represented the tenant.
ITASCA, ILL. — Lee & Associates has brokered the sale of a 34,078-square-foot industrial building in Itasca for an undisclosed price. Located at 1170 Ardmore Ave., the property features multiple bridge cranes, a temperature-controlled warehouse and heavy power. Chris Nelson and Jeff Janda of Lee & Associates represented the seller, Tech-Max Machine Inc., a large parts manufacturing company that will expand into a larger facility in Itasca. Melody Mueller of Compass represented the buyer, Pulsarlube USA Inc., an Elk Grove Village-based company that specializes in single-point automatic lubrication.
WOODRIDGE, ILL. — Roadtex Transportation has signed a 90,655-square-foot industrial lease renewal at 2725 Davey Road in the Chicago suburb of Woodridge. The property, located in the Woodhill Crossings Business Park, features immediate access to I-55. Kenneth Franzese, John Cassidy and Jeff Galante of Lee & Associates of Illinois, along with James Cant of Fischer & Co., represented the tenant. Sean Henrick of Cushman & Wakefield represented the owner, Bristol Group.
RIVERSIDE, CALIF. — Silgai Development & Management has acquired a 3-acre development parcel located at the southwest corner of Meridian Parkway and Authority Road in Riverside for an undisclosed price. Mario Calvillo of Lee & Associates Riverside represented the buyer, while Finn Comer of Lee & Associates represented the undisclosed seller in the deal. At the time of sale, the site was entitled with construction drawings for two industrial buildings totaling 45,751 square feet. The buyer plans to develop the 21,139-square-foot and the 24,612-square-foot facilities. Groundbreaking is slated to begin in the second quarter of 2025. The buildings will be available for sale or lease.
Lee & Associates’ 2024 Q4 North America Market Report looks back at the tenant demand, absorption rates and vacancy trends for industrial, office, retail and multifamily sectors nationwide to extrapolate what might be on the horizon for 2025 and beyond. While net absorption in industrial and retail is down from the same period in 2023, the reasons — too much supply in the pipeline versus too little — are opposite for each sector. Similar mirroring due to reverse factors can be seen in the net positive absorption last quarter in office and multifamily. Net industrial absorption was down 45 percent in the last quarter of 2024, compared to the same quarter in 2023. However, vacancy rates are likely to decline this year due to a lower volume of construction starts completing in 2025. New in-office policies among prominent companies contributed to the office market’s second consecutive quarter of positive absorption, but overall, office vacancy numbers are expected to continue rising until 2026. Low vacancy and factors challenging development meant very few options for retail tenants seeking new, high-quality space. Retail tenants in the food and beverage arena have been taking advantage of increased national spending on food outside the home …
ELMHURST, ILL. — FlashCo Manufacturing Inc., a manufacturer of roof flashings and accessories, has signed a 20,987-square-foot industrial lease at 849 N. Church Court in the Chicago suburb of Elmhurst. The institutionally owned and managed building in DuPage County is located less than one mile from access to I-290 and I-294 via Lake Street and Route 83. Chris Nelson of Lee & Associates of Illinois represented the tenant, while Al Caruana of Cushman & Wakefield represented the owner, TA Realty.
BUFFALO GROVE, ILL. — Lee & Associates of Illinois has negotiated the $4.2 million sale of a 51,088-square-foot industrial building in the Chicago suburb of Buffalo Grove. The property is located at 901 Deerfield Parkway. Tom Boyle of Lee & Associates represented the buyer, Paragon Micro Inc. Rick Hiton of Hiton & Associates represented the seller, Awaken CTTE LLC.
FARMERS BRANCH, TEXAS — Lee & Associates has negotiated a 91,520-square-foot industrial lease in the northern Dallas metro of Farmers Branch. According to LoopNet Inc., the building at 12301 Stemmons Freeway was built in 2015 and totals 360,360 square feet. Ally Tanghongs and George Tanghongs of Lee & Associates represented the tenant, E-Future Logistics Inc., in the lease negotiations. Steve Berger of CBRE represented the landlord, Prologis.
NAPERVILLE, ILL. — Lee & Associates has negotiated a 3,163-square-foot restaurant lease at Riverwalk Plaza in downtown Naperville, a suburb of Chicago. U Sushi Club Rotary Sushi Bar leased the second-floor space. Michael Petrik and Rick Scardino of Lee & Associates represented the landlord, Naper LP. The building offers onsite parking and is located adjacent to the Naperville Public Library and near the Naperville Riverwalk.
MONROVIA, CALIF. — Lee & Associates has arranged the sale of Huntington Professional Center, an office and medical center in Monrovia. The asset traded for $7.6 million. The names of the seller and buyer were not released. Located at 831 E. Huntington Drive, the two-story, 20,574-square-foot property offers 76 surface parking stalls. At the time of sale, the building was fully occupied by a variety of tenants, including Optum Healthcare, Tomdan (parent of Tommy Burgers) and Select Physical Therapy.
