(Read more on the industrial market.)
BEDFORD PARK, IL-FedEx Corp., headquartered in Memphis, is leasing 183,360 sf at 5151 W. 73rd St. at Bedford Park Corporate Center. The corporate center was developed by Ridge Property Trust, a Chicago-based REIT.
The term of the lease is seven years, says Doug Hayes, VP of Ridge. Chris Perkins and Joe Pelle, both with Fisher & Co., represented FedEx in the lease transaction. Sally Macoicz and Roger Mroczek, both with Cushman & Wakefield, represented the owner.
FedEx will use the space for its home delivery unit and is moving and expanding from another location in the village where they were leasing about 50,000 sf, Hayes says. "The fastest growing (division at FedEx) is the home delivery unit," he says. FedEx could not expand at its current location and chose the center because it contains some of the few newer buildings in the area, he says. The majority of the buildings in Bedford Park are 30 years old, while these buildings were completed just a little more than a year ago, Hayes says.
The center consists of three buildings on a 50-acre site with a total of more than one million sf of industrial and office space. The center was developed by Ridge in a joint venture with Heitman, based in Chicago. The center is now about 50% leased, Hayes tells GlobeSt.com.
Toyota Tsusho America leases about 208,000 sf, and Ridge recently signed a lease for the remaining 89,000 sf at the 272,000-sf building at 5151 W. 73rd St., but Hayes is not identifying the tenant at this time. The asking lease rate for the center is $4.75 per sf, net.
While the industrial market is slowing, the corporate center has seen more activity lately. "It was slow-starting. Now, activity has picked up quite a bit," Hayes says, and adds that the center could be fully-leased or nearly fully-leased by the end of the year.
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