(To read more on the net lease market and the industrial market, click here.)
WOODRIDGE, IL-Deals in the I-55 corridor continue to add up. Casey Products Inc. has signed a seven-year lease for 50,342 sf at Wood Hill Crossings Business Park. BPG Properties Ltd., the real estate investment manager for Berwind Property Group Ltd., along with their joint-venture partner, Bridge Development Partners, LLC, announced the deal.
Casey Products is a Lisle-based company which specializes in specialty fasteners, providing its original equipment manufacturer customers with small lots, specialty plating, patching and other non-standard features. Wood Hill Crossings is a 944,956-sf industrial park located at the eastern edge of the I-55 corridor and consists of five class A industrial facilities.
The Casey lease brings occupancy of Wood Hill Business Park to 80%. The leasing team for Wood Hill consisted of Daniel P. Cawley, president, Cawley Chicago Commercial Real Estate Co., and Thomas M. Boyle, president, Boyle Commercial Realty LLC. Jason M. West, VP, at Trammell Crow Co.'s Chicago office, represented the tenant.
West tells GlobeSt.com that there were a variety of factors as to why Casey chose to relocate to Wood Hill Crossings. "They outgrew their current facility," he says. "They chose Wood Hill because they decided that a high image business park was in their best interest, and the new location keeps them close to customers and includes easy access to I-55." In addition, West says that at the new site Casey now has the opportunity to design a property to suit its particular needs. Move-in will take place in late third quarter 2006. FCL Builders is GC for the project.
Joseph Neverauskas, SVP, opened the Chicago office of BPG Properties Ltd., a Philadelphia-based privately held real estate investment firm, in 2001. "We accumulated about 11 parcels of land to start this business park in 2002," Neverauskas tells GlobeSt.com. "Initially, the park consisted of two buildings with approximately one million sf." Neverauskas goes on to explain that "we got a good initial response to the park. Woodridge is still closer to the city and it's less congested than some of the other suburbs."
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