CHICAGO—Landlords in the south suburbs recently saw the vacancy rate among their industrial buildings sink below 10%, the first time that has happened since 2007, according the latest data from Colliers. And even though leasing activity slowed a bit in 2013 compared to 2012, this year at least has started off with a major space getting filled.
Assemblers Inc. has decided to expand in the area by signing a new 270,789-square-foot lease for a modern warehouse in suburban Bedford Park. The assembly and contract packaging company signed a long-term deal for 5139 West 73rd St., a building constructed in 2006 and located within Bedford Park Corporate Center. According to Cook County records, Denver-based Industrial Income Trust paid $30 million for the property in 2011.
The transaction brings 50 new docks into its operations and Assemblers will soon begin hiring for new positions, company officials say. It will maintain its headquarters, a 500,000-square-foot industrial building at 2850 W. Columbus Ave., and now has a footprint of nearly one-million-square-feet.
"This, we hope, will get our clients faster to market with pinpoint accuracy," says president Joel Rosenbacher, and "is a testament to our company's recent growth."
The deal was negotiated by Geoff Kasselman, head of Newmark Grubb Knight Frank's national industrial practice and an executive managing director in the firm's Chicago office.
"Assemblers is expanding into a state-of-the-art, high-efficiency facility that is close to its other existing sites, which minimizes operating costs," he says.
Sally Macoicz and Anthony Niles of Cushman & Wakefield represented the property owner.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
