"They have a building they own across the street, and this lease is an expansion for them," Doug Hayes, VP with Ridge, tells GlobeSt.com. "It's odd these days to have someone doing an expansion, but business is good for them. They're going to be doing a lot of shipping and receiving so there's abundant docks in this building, and the quality of the development got them excited."
The three-building project was developed on 50 acres by Ridge last year, and is currently 93% occupied with only the remaining 70,000 square feet in M. Block's building still available. Other tenants include FedEx Home Delivery, Northcape International, GrupoFAMSA, Laufen International, and Toyota Tsusho America Inc. M. Block was represented by Jeff Locascio of Epic Realty Partners in the most recent lease, while Ridge was represented by Sally Macoicz of Cushman & Wakefield.
The facilities offer 32-foot clear ceilings, precast concrete construction and green designs, including white TPO roofs, natural light, concrete truck courts, and the use of recycled materials. The property also provides direct access to the CSX intermodal yard. Asking lease rates there are around $4.75 per square foot net.
"The village and mayor of Bedford Park are extremely pro-business," Hayes says. "That makes it easy when you have someone looking at space because they're very helpful and their door is always open. You don't get that in all communities."
The property is located in the south suburban submarket, where Hayes says occupancy rates are near 88%. "It took us about two years, and we're excited about filling this space and the quality of the tenants," Hayes says. "One of the big tenant draws to this area is its proximity to downtown, the interstates and Midway Airport."
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