X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

VALPARAISO, IN-Prairie Cable is moving a portion of its manufacturing operation here from Chicago. The Chicago-based producer of cable-related products has signed a 10-year, $2.3-million lease for 93,750 sf of a 128,000-sf industrial building.Prairie Cable’s products are used for technologies in power generation and distribution, petrochemical, industrial robotic applications, building automation, fire systems and access control. The company is using the Valparaiso location to relocate and expand a particular product line.The building, located at 2700 E. Evans, is owned by Silhavy 1 Partnership, a Michigan City, IN-based private real estate investment group. Prairie was attracted in part by operational savings. Prairie’s broker in the transaction, Steven Podolsky and Richard Levy of Podolsky Northstar Corfac International sourced a variety of economic incentives for Prairie from city, county and state agencies. Podolsky tells GlobeSt.com he negotiated a reduction in various personal and real property tax obligations, as well as a reduced electricity rate and job training incentives. “Including all incentives and rent concessions, we probably reduced their total occupancy cost by close to 60%,” says Podolsky. Just looking at lease rates alone, Podolsky says Prairie is paying a triple-net lease rate of $4.50 per sf in Chicago and in Valparaiso will be paying close to $2.25 per sf.The move will take place by October, says Podolsky. It is expected to create 50 to 75 new jobs. Ed Wabick, senior vice president with Paine/Wetzel–Oncor International, represented the building owner.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.