First Industrial secures two leases at 509,216 sq ft Chicago distribution centre
First Industrial Realty Trust has signed two leases at its 509,216 square-foot distribution centre at 4100 Rock Creek Boulevard in Joliet, Illinois, located at the intersection of Interstates 55 and 80.
First Industrial signed a long-term lease with a third party logistics provider for 100,000 square feet initially, effective 30 June 2014, that will ramp up to a total of 323,795 square feet in the second quarter of 2015.
Additionally, the company signed an eight-month lease for 300,735 square feet at the facility with another logistics firm.
The building will be approximately 79 per cent occupied as of 30 June.
"We are pleased to announce these leases for this high-quality asset that we acquired last year," says David Harker, executive vice president for First Industrial's Central Region. "The Chicago industrial market continues to enjoy good demand for distribution space which should support our efforts to stabilise this investment with additional long-term leasing."
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