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Cycle Logistics, a transportation and distribution company, has leased nearly 90K SF at 1845 Tonne Road in Elk Grove Village. The company is consolidating its warehouse and distribution space from various other locations and will occupy the entire building.
The deal is the latest in the busy O'Hare industrial market. According to Avison Young data, the O'Hare submarket saw net absorption of 1.2M SF in the third quarter.
There was 915K SF of industrial leasing activity and 1.94M SF of industrial space under construction in the submarket during the quarter.
The O’Hare submarket recorded three deliveries during Q3 for a total of 666K SF, all spec. CenterPoint completed the largest of these projects, the 333K 10701 Seymour Ave. in Franklin Park.
“Landlords in the O’Hare industrial market continue to benefit from its location and the historically low vacancy rate,” Avison Young principal Todd Heine said. He said distribution, warehouse and e-commerce companies are looking to tap into the market's transportation options.
Heine and colleague Tom Curtis represented landlord Ella Holdings, and Cushman & Wakefield's Doug Pilcher represented the tenant.
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