Karen Kulczycki, CCIM & Beverly Hayes of SVN Chicago Commercial successfully negotiated a five-year industrial lease renewal for more than 45,000 square feet of warehouse space on 4.86 acres with rail service in Alsip, Illinois. The tenant was the Hines Building Supply division of US LBM – one of the largest building products distributors in the United States operating over 400 locations nationwide and a long-term tenant since 2010 at market rate. SVN Chicago Commercial represented the Landlord while CBRE represented US LBM in this transaction.
The team referred an attorney to ensure all legal aspects were taken into consideration and worked with ownership to understand how their rental rate impacted property value as well as evaluated multiple off-market purchase offers and 1031 exchange process when deciding whether or not to sell or hold onto their asset.
SVN Chicago Commercial Secures Warehouse Lease Renewal was originally published on Connect CRE .
