(Read more on the industrial market.)

BEDFORD PARK, IL-NorthCape International, based here, has signed a lease for 89,086 sf at 5151 W. 73rd St. at the Bedford Park Corporate Center. Ridge Property Trust, a Chicago-based REIT, developed the one-million-sf park in partnership with Heitman. The estimated value of the three-building corporate center is $50 million, says Doug Hayes, VP of Ridge.

The term of NorthCape’s lease is six years, Hayes says. Walter Murphy and Scott Anderson, both with Cushman & Wakefield, represented NorthCape in the lease transaction. Sally Macoicz and Roger Mroczek, both with Cushman & Wakefield, represented Ridge Property Trust in the transaction.NorthCape had previously leased approximately 50,000 sf elsewhere in Bedford Park and desired to remain in the village because of the village’s central location near major transportation routes. The outdoor furniture company also has operations in New Jersey and Florida. The building at 5151 W. 73rd St. has 32-foot clear ceiling heights and the space that NorthCape is leasing also has about 3,500 sf of office space. “They wanted a new building and high ceiling height so they could fit more product into the building,” Hayes says.

The three-building center is about 60% occupied. The 272,000-sf building at 5151 W. 73rd St. is fully occupied, with FedEx occupying the rest of the building. FedEx signed a seven-year lease earlier this fall for 183,000 sf. FedEx uses the space for its home delivery unit, the fastest growing division of the company. FedEx also relocated from elsewhere in Bedford Park, where they were leasing about 50,000 sf. Toyota Tsusho America signed a lease last year for about 208,000 sf at 5445 W. 73rd St. in the corporate center.

The majority of the buildings in village are 30 years old, while these buildings were completed just a little more than a year ago. The asking lease rate for the corporate center is $4.75 per sf net, Hayes says.

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