CenterPoint Properties has broken ground on an 87,975 square foot build-to-suit redevelopment in Elk Grove Village, Ill.
Weiss-Röhlig, an international logistics company in air freight and sea freight transportation, will lease 57 percent of the facility, with the remaining 43 percent to be completed on a speculative basis. With this move, Weiss-Röhlig will relocate its North American headquarters to Elk Grove Village, adjacent to competing freight forwarding companies and in close proximity to Chicago O’Hare International Airport.
Colliers International represented CenterPoint, and CBRE represented Weiss-Röhlig, on the long-term lease transaction. CenterPoint, in a venture with an institutional advisor, expects construction to be completed in the fall of 2013.
“We continue to see a strong demand for well-located modern industrial buildings that allow companies to take advantage of logistics and transportation savings,” said Ed Harrington, senior vice president of development for CenterPoint Properties, in a written statement. “We are confident that this redevelopment demonstrates the need for modern in-fill facilities in locations like Elk Grove Village.”