Nuveen Inks 169 KSF Chicago-Area Industrial Lease
Seefried Industrial Properties developed the asset, which is now fully occupied.
Nuveen has signed a 168,741-square-foot lease at its industrial facility in Monee, Ill., within Chicago’s Southern Will County submarket. NewAge Products joined the roster, bringing the property to full occupancy.
Seefried Industrial Properties developed the 621,246-square-foot asset. Cushman & Wakefield brokered the deal on behalf of both parties.
Reynolds Consumer Products is the other tenant at 25100-25340 S. Ridgeland Ave., occupying 452,505 square feet.
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The building has 40-foot clear heights, 26 exterior docks, two drive-in doors, ESFR sprinkler systems, LED lighting with motion sensors and cross-dock configuration. Additional features include a 2,555-square-foot office component, 139 vehicle parking spots and 46 trailer parking spots, which can be expanded to 96.
The asset provides access to major transportation corridors that connect to the wider Chicago metro area and the Midwest, such as interstates 57, 80 and 294. Union Pacific Global IV Intermodal Terminal, BNSF Intermodal Yard and the Canadian National Intermodal Terminal are within 20 miles.
Cushman & Wakefield’s Executive Vice Chairman Jason West worked on behalf of NewAge Products, while the company’s Vice Chairman Sean Henrick and Managing Director Ryan Klink represented the landlord.
Chicago’s industrial vacancy lagged other Midwest metros
Industrial vacancies increased in nearly every market over the past two years due to a large amount of new supply. As of January 2025, the national industrial vacancy rate clocked in at 8 percent, unchanged from the previous month, a recent CommercialEdge report shows.
Chicago’s vacancy clocked in at 10 percent in January—one of the highest in the nation and the only Midwestern market that fared worse than the national average. The metro’s rate had increased 530 basis points year-over-year, the same source shows.
Earlier last month, Seefried Industrial Properties was involved in another deal in the area. The company signed a 152,014-square-foot lease with nonprofit David C. Cook at its 1700 Madeline Lane Facility in Elgin, Ill.
Also in February, CenterPoint Properties landed an approximately 1 million-square-foot deal with 3PL firm RJW Logistics in Joliet, Ill. The tenant signed a full-building agreement at 2903 Schweitzer Road, within CenterPoint’s 6,400-acre Intermodal Center.
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