Portage, IN – August 26, 2010 – (RealEstateRama) — Lee & Associates, one of the largest national commercial real estate providers with regional expertise, has completed a long term lease renewal and expansion for a 469,000-square-foot industrial space located at 6750 Daniel Burnham Dr. in Portage, Ind. The value of the lease is in excess of $7 million. Justin Fierz and Brian Vanosky, both principals of Lee Chicago, represented the tenant, a global home décor manufacturing and distribution company, Hosley International Inc.
“After conducting a multi-state search, we were able to help Hosley extend their lease and increase their space necessitated by recent company growth,” said Fierz. “The landlord offered them favorable lease terms including specific tenant improvements that improve and upgrade the functionality of their space. It also enables Hosley to keep their existing labor force which is a plus.”
The landlord, Lincoln Financial Group, was represented by Chris Gary and George Cibula of Darwin Realty. The space will be used as a national distribution and fulfillment center for Hosley.
According to Fierz, user demand in the industrial market has been much greater in 2010 than it was in 2009. “For the most part, so long as demand remains decent, the worst is over for landlords since vacancy rates and rents have stabilized,” he said.
The building is located in the Ameriplex Business Park and was built in 2004. It offers functional amenities and allows for convenient interstate expressway access.