Crow Holdings Inks 1 MSF Chicago-Area Lease
In one of the largest recent industrial deals in the Greater Chicago, Crow Holdings has signed a full-building lease at 9850 Mississippi St. in Merrillville, Ind. The more than 1 million-square-foot industrial facility is part of the 195-acre Silos at Sanders Farm master plan.
KBC Advisors Partner Ryan O’Leary advised the tenant, a major e-commerce company, while Avison Young Principals Adam Haefner, Marty Mikaitis and Zeke Rowan represented the landlord.
The Class A warehouse came online last September. In 2022, the developer took out a $58.8 million construction loan originated by First National Bank of Omaha, according to CommercialEdge data. That note matures in 2026.
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The distribution center rises on 79 acres and features 134 dock-high loading doors, four drive-in doors, 40-foot clear heights, 250 trailer stalls and almost 440 parking spaces. Located close to Interstate 65, the facility is some 47 miles from downtown Chicago, while the Port of Chicago is 31 miles away.
The building is part of Silos at Sanders Farm’s Phase One, that also includes a 263,846-square-foot building with 35 dock loading doors and 60 trailer parking spaces. When complete, the $500 million master-planned campus will comprise more than 2 million square feet of industrial space.
Chicago’s industrial sector remains steady
Even though Chicago’s vacancy rate as of February clocked in at 5.2 percent, 20 basis point higher than the national average, the metro is still performing well, according to a recent CommercialEdge industrial report. The average asking rate was $6.00, nearly $1.7 lower than the U.S. average. Meanwhile, the market registered the second-largest sales volume nationwide, standing at $373 million.
In February, Tru Vue signed a full-building, 299,200-square-foot lease extension at High Street Logistics Properties’ facility in McCook, Ill. The manufacturer had sold the asset to the current landlord in 2020.
Other notable deals included Norkol Converting Corp.’s commitment to 330,694 square feet at CenterPoint Properties’ 88 Industrial Center in Montgomery, Ill. The firm will relocate from Northlake, Ill., after 37 years.
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