CenterPoint Signs 330 KSF Chicago-Area Industrial Lease

Norkol Converting Corp. has signed a 330,694-square-foot lease at CenterPoint Properties‘ 88 Industrial Center in Montgomery, Ill. The commercial printing paper and packaging provider will relocate its headquarters within the 992,462-square-foot property.

NAI Hiffman negotiated the long-term agreement on behalf of the tenant, while DarwinPW Realty represented the landlord.

Norkol will move its manufacturing operation this spring from its current location at 11650 W. Grand Ave. in Northlake, Ill., which served as its headquarters for 37 years.

CenterPoint 88 Industrial Center is at 900 Knell Road and includes 30-foot clear heights, nine drive-in doors, 47 exterior dock doors, 32 interior docks, a 2,000-square-foot office space, 618 vehicle and 184 trailer parking spots. The property was built in 1960 and renovated in 2000. CenterPoint 88 Industrial Center is also rail-served by BNSF Railway. Another major tenant is DSV Solution, which occupies 456,817 square feet, CommercialEdge data shows.

The 49-acre property has access to rail via BNSF, which was an essential feature for the new tenant, according to NAI Hiffman’s Executive Vice President, Dan Leahy. It is also close to Interstate 88, 12 miles from Naperville, Ill., 40 miles from O’Hare International Airport and within 45 miles of Chicago Midway International Airport.

Leahy worked on behalf of Norkol, while DarwinPW Realty’s team representing the owner included President Rick Daly and Managing Broker George Cibula.

Future improvements

Norkol is planning significant improvements to the space, including upgrades to the truck courts, power capacity, sprinkler systems and lighting, while also looking to demolish an existing 30,000-square-foot mezzanine. Plans also include the enclosure of 10 interior docks and reactivation of the rail spur.

Recent significant lease deals across metro Chicago included LaSalle Investment Management’s 106,100-square-foot renewal at 2551-2561 Allan Drive in Elk Grove Village, Ill. Colliers negotiated on behalf of the tenant, Logisteed America Inc.

In August last year, PrimeSource subsidiary Wolf Home Products announced the opening of its 1 million-square-foot warehouse and distribution center at Elion Logistics Park 55, the 2,500-acre master-planned project in Wilmington, Ill. The company will fully occupy Building VI, with plans to commence full operations in early 2024,