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BOLINGBROOK, IL-Saratoga Food Specialities has signed a lease for 150,000 square feet at a 270,000-square-foot industrial facility built on spec at 771 Crossroads Pkwy. Built by Woodridge, IL-based Morgan/Harbour Construction, the property was completed in late 2008. Saratoga’s deal at Crossroads Lakes Building I brings the property to a little more than half leased.

The development offers 30-foot clear ceilings and 41 docks. The property is being marketed by David Bercu of Colliers Bennett & Kahnweiler. It’s located in the Interstate 55 corridor, where asking lease rates range between $4 and $6 per square foot, net. The occupancy rate in the submarket is around 87%, according to a recent Cushman & Wakefield market report.

“At one time, Will County was number one in the country as far as growth,” Greg Freehauf, vice president with Morgan/Harbour, tells GlobeSt.com. “Now there’s been a lot of construction and it’s built up. With the tight money, there’s a lot of space now in the submarket.”

Construction on the property began in mid-2008. The property was developed by a joint venture of Chicago-based Equibase Capital Group LLC and Denver-based Corum Real Estate Development. Corum, which previously developed a 702,000-square-foot in the Crossroads Lakes business park, had owned the 20-acre property prior to the two firms forming the joint venture.

Saratoga will move to the property in May from its current location, about a half hour away at 200 Wrightwood Avenue in Elmhurst. “At Crossroads Lakes, there’s access to Interstate 55 and it’s located in the largest market of Chicago for industrial buildings,” Freehauf says. “It’s in Will County, so there’s lower taxes. It’s got a good work force in that area too.” Freehauf says Saratoga currently employs about 130 people, but that they expect to lose about 10% of their workforce to the relocation and hire more people from the area to fill the vacancies.

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