DCT Industrial Trust Inc. Leases 641,000 Square Feet in Chicago
Source: PR Newswire
DENVER, April 29 /PRNewswire-FirstCall/ — DCT Industrial Trust Inc.® (NYSE: DCT), a leading industrial real estate owner, operator and developer, today announced it has signed leases totaling 641,000 square feet in the Chicago market, which will bring DCT Industrial’s Chicago portfolio to 90% occupied.
“Activity in the Chicago market has increased recently and we are starting to see a slight increase in customer demand,” said Brian Roach, Vice President for DCT Industrial. “Our local relationships and high-quality Chicago portfolio positions us well to increase our market share as the local economy recovers throughout 2010.”
The leasing activity in Chicago is comprised of three new customers signing long-term leases for existing bulk distribution properties.
In the largest new lease, DCT Industrial fully leased a recently re-developed 439,000 square foot bulk distribution facility to one of the world’s leading providers of freight consolidation services. Located at 250 South Gary Avenue in the Central DuPage industrial submarket, the customer selected DCT Industrial’s facility for the in-fill Chicago location and close proximity to the cargo entrance at Chicago O’Hare International Airport.
Roberto Perez of Hilco Real Estate and Geoffrey Eusth of U.S. Equities represented the customer, and John Cash, Steve Connolly, and David Haigh of NAI Hiffman represented DCT Industrial in the transaction.
Laser Technologies, Inc., one of the largest laser cutting production operations in the U.S., fully leased a 159,000 square foot bulk distribution facility in Naperville, IL. The facility, located at 1120 Frontenac Road, will serve as a production center for laser cutting, stamping, fabrication and other services provided by Laser Technologies.
Manufactured Specialties, Inc. (MSI) has leased 42,900 square feet at 3575 Stern Avenue in the St. Charles Industrial Park. MSI distributes piping and pipe fitting products and the Stern Avenue location will serve as their new headquarters as they expand their business. This facility was also recently re-developed.
Michael Marconi of Newmark Knight Frank Epic assisted both Laser Technologies and MSI on these lease transactions. David Friedland of Newmark Knight Frank Epic assisted DCT Industrial on the Laser Technologies lease.
About DCT Industrial Trust Inc.®
DCT Industrial Trust Inc. (NYSE: DCT) is a leading industrial real estate company that owns, operates and develops high-quality bulk distribution and light industrial properties in high-volume distribution markets in the U.S. and Mexico. As of December 31, 2009, the Company owned, managed or had under development 75.4 million square feet of assets leased to approximately 810 customers, including 14.6 million square feet managed on behalf of three institutional joint venture partners. Additional information is available at www.dctindustrial.com.
SOURCE DCT Industrial Trust Inc.