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February 2024

NAI Hiffman Negotiates Industrial Lease for NORKOL

Hiffman NORKOL

 

Hiffman guided Norkol Converting Corp. in signing 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 Executive Vice President – Industrial Services, Dan Leahy 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.

Click here to read the full story from Commercial Property Executive.

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About NAI Hiffman:

NAI Hiffman is one of the largest independent commercial real estate services firms in the US, with a primary focus on metropolitan Chicago, and part of the NAI Global network. We provide institutional and private leasing, property management, tenant representation, capital markets, project services, research, and marketing services for owners and occupiers of commercial real estate. To meet our clients’ growing needs outside of our exclusive NAI Hiffman territory, we launched Hiffman National, our dedicated property solutions division, which provides property management, project services, and property accounting services across the country. NAI Hiffman | Hiffman National is an award winning company headquartered in suburban Chicago, with more than 250 employees strategically located throughout North America.

About Hiffman National: 

Hiffman National is one of the US’s largest independent commercial real estate property management and advisory firms, providing institutional and private clients exceptional customized solutions for property management, facility management, advisory services, accounting, lease administration, lender services, project management, marketing, and research. The firm’s comprehensive property management platform and attentive approach to service contribute to successful life-long relationships and client satisfaction. As a nationally bestowed Top Workplace, and recognized CRE award winner, Hiffman National is headquartered in suburban Chicago, with more than 250 employees nationally and an additional six hub locations and 25 satellite offices across North America.

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