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Heitman, Ridge Plan $30M Spec Project

BEDFORD PARK, IL-The joint venture will replace Homak Manufacturing Co.'s obsolete 410,000-sf with two warehouse and manufacturing buildings totaling 543,581 sf on 25 acres at 5151 W. 73rd St., which already offers rail service.

By Mark Ruda | Updated on December 17, 2004

BEDFORD PARK, IL-A joint venture between Heitman Financial Management and Ridge Property Trust plan a $30-million, 543,581-sf speculative industrial redevelopment of the former Homak Manufacturing Co. property at 5151 W. 73rd St. The joint venture will demolish a 410,000-sf building on the 25-acre site, replacing it with two warehouse and manufacturing buildings served by a rail spur.

Heitman and Ridge Property Trust, a private REIT and affiliate of affiliate of Prudential Real Estate Investors, are taking advantage of the demand for industrial space in urban in-fill locations. “Ridge had the vision to explore and invest in a largely underserved submarket with a high level of unmet tenant demand,” says Cushman & Wakefield of Illinois senior director Sally Macoicz, who represented both sides of the deal with associate Joy Kolodziejczyk.

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