WSI Leases 156,130 SF at LogistiCenter

SAUK VILLAGE, IL-Warehouse Specialists Inc. has signed on for 156,130 square feet at DP Partners’ LogistiCenter at Sauk Village. This new lease at the 500,000-square-foot Building A at 21751 Rasmussen Dr. expands the third party logistics provider’s existing space in the 1.5-million-square-foot development to 672,202 square feet. The Appleton, WI-based company occupies an additional 516,072 square feet at the 777,000-square-foot Building C at 21700 Mark Collins Dr., having moved in four years ago.

“They’re actually growing their business there with a new requirement and account,” Andy James, Chicago partner for Reno, NV-based DP Partners, tells GlobeSt.com. “The location works for them because they were in the building across the street already. The location off 394 makes it easily accessible to get back into the city, or to the interstates to avoid the city if necessary.”

Completed last summer, the $18-million Building A distribution center was developed on nearly 27 acres as DP Partners’ third speculative property in the park. The facility offers 32-foot clear ceilings, two drive-in doors, up to 120 truck docks, an ESFR fire-suppression system, T5 lighting, and parking for 189 cars and 59 trailers. Asking lease rates are around $3.95 per square foot gross at the building, which is now about 90% occupied.

LogistiCenter is located in the south suburban submarket, where overall occupancy is around 88%, James says. “It seems like there is more activity now than there has been recently,” he says. “To have a building we delivered last summer be 90% occupied is pretty impressive.”

The park offers three buildings in total, all of which were developed by DP Partners, having purchased the 325 acres in 2005. The first two buildings developed, which combined offer more than a million square feet, were sold as part of a $1.8 billion portfolio ProLogis acquired from DP Partners in July 2007. DP Partners maintains ownership of the third and most recent building and expects to develop the park to contain 5,000,000 square feet in 10 buildings when completed.