ML Realty Inks New Leases at Chicago-Area Industrial Park

Heritage Crossing. Image courtesy of ML Realty

ML Realty has reached 100 percent occupancy at its eight-building industrial park in metro Chicago. Both LG Electronics and Pitney Bowes Global Logistics signed full-building leases at Heritage Crossing in Lockport, Ill.

LG Electronics is expanding its presence with a new 542,806-square-foot lease at 14532 S. Gougar Road, while Pitney Bowes agreed to occupy 363,224 square feet at 14746 S. Gougar Road.

Cushman & Wakefield’s James Frank and Jason West represented LG Electronics, while CBRE’s Mike Cook and David Prell represented Pitney Bowes. The property owner had tapped NAI Hiffman to lease up all eight buildings of the Heritage Crossing. Dan Leahy, Mark Moran and John Whitehead represented ML Realty in the signing of the last two leases as well.

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Now, the 2.5 million-square-foot business park is fully occupied. Matt Novak, leasing manager at ML Realty, said in prepared remarks that the final building of Heritage Crossing was completed in the fall of 2020. The project took years of planning and development and is the first business park to rise along Interstate 355 in Lockport, Novak also said in prepared remarks.

Industrial projects in Illinois

The business park sits on a 228-acre site and its buildings were designed to accommodate light industrial and distribution uses. ML Realty built eight free-standing industrial properties that range in size from 121,800 to 542,806 square feet and offer clear heights from 30 to 40 feet. With its proximity to I-355, Heritage Crossing also has access to Interstates 55 and 80, which connects the property to Chicago, Bloomington and other major cities in the Midwest, as well as to the area’s rail and air transportation networks.

Like Heritage Crossing in Lockport, most of ML Realty’s development portfolio is located within Illinois, with two additional projects in the Dallas-Fort Worth metro. Nearly a year ago, the company unveiled plans to develop two industrial buildings in Bensenville, Ill. When completed in the spring of 2022, the development will total 605,330 square feet of Class A industrial space that have 40-foot clear heights.