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Prairie Cable Relocating Manufacturing Plant

VALPARAISO, IN-The Chicago-based manufacturer of cable-related products inks a $2.3-million lease deal that will result in the relocation of its manufacturing plant to this Northwest Indiana community from Chicago.

By Brian K. Miller | Updated on September 07, 2004

VALPARAISO, IN-Prairie Cable is moving a portion of its manufacturing operation here from Chicago. The Chicago-based producer of cable-related products has signed a 10-year, $2.3-million lease for 93,750 sf of a 128,000-sf industrial building.Prairie Cable’s products are used for technologies in power generation and distribution, petrochemical, industrial robotic applications, building automation, fire systems and access control. The company is using the Valparaiso location to relocate and expand a particular product line.The building, located at 2700 E. Evans, is owned by Silhavy 1 Partnership, a Michigan City, IN-based private real estate investment group. Prairie was attracted in part by operational savings. Prairie’s broker in the transaction, Steven Podolsky and Richard Levy of Podolsky Northstar Corfac International sourced a variety of economic incentives for Prairie from city, county and state agencies. Podolsky tells GlobeSt.com he negotiated a reduction in various personal and real property tax obligations, as well as a reduced electricity rate and job training incentives. “Including all incentives and rent concessions, we probably reduced their total occupancy cost by close to 60%,” says Podolsky. Just looking at lease rates alone, Podolsky says Prairie is paying a triple-net lease rate of $4.50 per sf in Chicago and in Valparaiso will be paying close to $2.25 per sf.The move will take place by October, says Podolsky. It is expected to create 50 to 75 new jobs. Ed Wabick, senior vice president with Paine/Wetzel–Oncor International, represented the building owner.

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