CenterPoint Signs Two to 111,000 SF at Center

(Read more on the industrial market.)

GURNEE, IL-Akorn Inc. and Pack Rat LLC have signed leases at 5605 Center Point Court at the CenterPoint Business Center park. Akorn, a pharmaceutical company, signed a 10-year lease for 74,008 sf in the building. Pack Rat, a self-storage and self-moving company based in North Carolina, has signed a lease for 37,797 sf.

Keith Puritz, Bob Reaumond and Brett Kroner, all with CB Richard Ellis, were the brokers in the Akorn transaction. The term of the lease was not disclosed except to say that it is long term. Puritz, Kroner and Ryan Bain, with CB Richard Ellis, represented CenterPoint in the other transaction while Kent Sandstedt, with GVA Williams, represented Pack Rat.

The 161,000-sf building is now fully leased, as is the entire park. The asking lease rate was $5.35 per sf, net, says Puritz, SVP with CBRE. Other tenants at 5605 Center Point include Watson Pharmaceutical and Ta Chen.

CenterPoint has started construction on a 255,000-sf building at the intersection of TriStar Parkway and Lake Side Drive. The building, which is expected to have one or two tenants, is scheduled for completion in the second quarter of 2008, Puritz says. The asking lease rate for the building is $5.35 per sf net. Once the speculative building is complete, the park will have seven buildings with a total of 1.1 million sf, he says.