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NorthCape Signs Lease at $50M Center

BEDFORD PARK, IL-The three-building industrial park, developed by Ridge Property Trust, has one-million-sf and is 60% occupied.

By Gina Kenny | Updated on December 04, 2007

(Read more on the industrial market.)

BEDFORD PARK, IL-NorthCape International, based here, has signed a lease for 89,086 sf at 5151 W. 73rd St. at the Bedford Park Corporate Center. Ridge Property Trust, a Chicago-based REIT, developed the one-million-sf park in partnership with Heitman. The estimated value of the three-building corporate center is $50 million, says Doug Hayes, VP of Ridge.

The term of NorthCape’s lease is six years, Hayes says. Walter Murphy and Scott Anderson, both with Cushman & Wakefield, represented NorthCape in the lease transaction. Sally Macoicz and Roger Mroczek, both with Cushman & Wakefield, represented Ridge Property Trust in the transaction.NorthCape had previously leased approximately 50,000 sf elsewhere in Bedford Park and desired to remain in the village because of the village’s central location near major transportation routes. The outdoor furniture company also has operations in New Jersey and Florida. The building at 5151 W. 73rd St. has 32-foot clear ceiling heights and the space that NorthCape is leasing also has about 3,500 sf of office space. “They wanted a new building and high ceiling height so they could fit more product into the building,” Hayes says.

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