BEDFORD PARK, IL-Wrightwood Capital has purchased an industrial building in Bedford Park for $14 million in a lease buyback with Corrugated Supplies Corp. The 227,463-sf building, on an 8.2-acre parcel at 5101 W. 67th St., was constructed in 2000 as a manufacturing plant for Corrugated Supplies Corp., which makes corrugated cardboard sheets, says Tim Walsh, senior director of industrial fund management for Wrightwood.

Corrugated Supplies Corp. will have a 15-year lease for the property. "They had a lot of money tied up in the building," Walsh says. The owner will use the proceeds from the sale to pay off a loan on a $10-million machine, in addition to buying and installing a second machine "so they could double their capacity in the building," Walsh tells GlobeSt.com. The machines for making the corrugated sheets are 300 feet long by 20 feet wide and it "is a fairly involved installation," he says. He did not release the lease rate.

Vern Schultz, Mike Senner and Peter Burke, all with Colliers, Bennett & Kahnweiler Inc. contacted the owner of the property and arranged the sale. "They kind of created the transaction," Walsh says. "The tenant did not really even know that this type of transaction existed. They were going to just borrow more money from their bank." The purchase of the property is the seventh acquisition for the Wrightwood Capital Industrial Property Fund III.