Locally based-M.D. Hodges developed the 3.1-million-sf Westpark business complex that encompasses 39 buildings in the Fulton industrial area and continues to own 37 of them. The Hodges-owned buildings at Westpark are 86%-occupied.
The Philips' leases are for three years. Hodges would not disclose the rental rate, but area brokers familiar with Westpark estimate the rental at approximately $4 per sf.
Access to the interstate highway system was a factor in Philips' decision to stay and expand in Westpark, according to a printed statement by Phillip Hight of Hodges, who represented the owner in the transaction. Philips has been a Hodges' tenant since 1983. Morando Berrettini of Aurora, IL-based Berco Realty represented Philips.
Recommended For You
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
