JLL Industrial Heads North
In non-April Fools' news, industrial vacancy rates may be pushing 12% in the Chicago submarkets, but JLL's Robin Stolberg and Kurt Sarbaugh would like to change that by successfully marketing the Tempel Smith Steel Complex, a 272k-SF industrial building and 20k-SF of office outbuildings in Libertyville. The 63-year-old complex was recently updated and includes 11 cranes and 260 parking spaces (for parking your crane, we presume.) Robin tells us it's one of the largest spaces available in the North Suburban submarket and ideal for manufacturing. He calls it a great opportunity if you're looking to move out of the higher tax structure of Cook County. The team is hoping to sell it for $9.5M or lease it to a single tenant at $3.50 PSF. Selling will not be without its challenges: By Reis's count, 4.3M SF of new multi-tenant, non-manufacturing space entered the market in '09. With developers applying the brakes, however, construction has dropped. Net absorption of minus 1.8M SF is forecast for 2010.
|Robin and Kurt grew up in the northern suburbs of Libertyville and have been a team for four years, coming over from Staubach after the merger. The two had to get used to working with landlords, as their Staubachian work (it's a word, trust us) was exclusively in tenant rep. Robin says most north suburban clients are looking for 25k to 50k-SF spaces. He's excited for the possibility of bringing more manufacturing, and potentially more jobs, to the area.|