CORFAC News

International Logistics Firm Signs Lease in AMB Compass Distribution Center Near O'HareNovember 17, 2010

In one of the largest new industrial leases signed this year in Chicago's O'Hare submarket, CEVA Group PLC, a Netherlands-based logistics company, leased 231,700 square feet in AMB Property Corp.'s AMB Compass Distribution Center at 855 N. Wood Dale Road.

Supervalu’s Osco Drug subsidiary occupied the single-user, 439,350-square-foot facility located at 855 North Wood Dale Road for 14 years. Podolsky Northstar CORFAC International’s Steven H. Podolsky and Corey B. Chase negotiated a lease termination agreement on behalf of Superval, which enabled CEVA Group to complete a direct lease with AMB.

After identifying CEVA Group as a replacement tenant, AMB granted Supervalu a full termination of its lease and signed a direct deal with CEVA, which has long-term expansion plans and could lead to the leasing of additional space there.

"This lease is evidence that market fundamentals in the O'Hare submarket are strengthening," said Mark Saturno, AMB Property's managing director, Central Region. "Deal activity is stabilizing in and around major transportation hubs."