Ridge REIT Sees 200,000 SF Leased at Bedford

"They wanted modern space and to be closer into the city," says Stephen J. Connolly, EVP with NAI Hiffman, who along with Lawrence Much represented Ridge in the deals. "They didn't necessarily want to be out in the I-55 corridor, and wanted to be close to customers." Asking lease rates in the building, which was constructed in 2006, are around $4.95 per square foot, net, Connolly says.

GrupoFAMSA, Mexico's largest furniture, appliance and electronics retailer, and Toyota Tsusho America Inc. both expanded their existing leases. GrupoFAMSA moved into 57,000 square feet earlier this year, and took another 59,943 square feet in the most recent lease, represented by Robert Peinado and Robert Mendoza, with LRS Real Estate Services in Dallas.

Toyota first moved into the building a couple of years ago, Connolly says, and previously occupied around 200,000 square feet in the building. The company was represented by Jeff Janda with Lee & Associates in its expansion for an additional 72,553 square feet. New tenant Laufen took 70,105 square feet in the building and was represented by Andy Corken with CB Richard Ellis in the deal.

Connolly says Bedford Park is a market with increasing activity. "It's been slow for a long time, but it's picked up in the last year," Connolly says. "There's been a fair amount of absorption, with close to a million square feet absorbed in the last year, particularly on the newer space, but there are still some older buildings that have been sitting there for sometime. It's still a very price-sensitive market for the older space."