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WOOD DALE, IL-SuperValu Inc. has renewed a 440,000-square-foot lease for the warehouse it has occupied since the building was developed more than a decade ago. The grocery retailer has extended its lease by 18 months through the end of 2011, according to Steven Podolsky, principal with Podolsky Northstar CORFAC International, who represented Eden Prairie, MN-based SuperValu in the deal. The lease rate for the transaction is around $4.75 per square foot, net, Podolsky says.

“The building is close to all interstates and allows them easy access to service a majority of their stores in the region,” Podolsky tells GlobeSt.com. “It’s been a very functional and usable building for us, and it serves our purpose well so there was no reason to move. The landlord was able to make us a very aggressive market deal.”

The building is owned by Rosemont, IL-based AMB Property Corp., which was represented in house by Carter Andrus in the lease. The building, which was developed on spec in 1998 and later built out to fit SuperValu’s needs, offers 76 docks and 30-foot clear ceilings. SuperValu uses the facility to warehouse seasonal products for its stores across the Chicago metropolitan area.

For more than three decades, Podolsky Northstar has acted as tenant rep for SuperValu, the owner of Jewel Food Stores and Osco Drug. In another recent transaction, the company represented Jewel Food Stores in its lease of a new regional corporate headquarters in neighboring Itasca, IL. In this deal, SuperValu opted for a shorter lease renewal in order to allow the company to assess the market and other options therein before making a long-term commitment anywhere.

The Wood Dale property is near O’Hare International Airport in northeast DuPage County, where asking lease rates range from $6 to $10 per square foot, net, with occupancy rates around 90%, according to Cushman & Wakefield’s year-end industrial market report.

“It’s slow like every other market in the country, but it has a lower vacancy rate than other submarkets in the Chicago metropolitan area,” Podolsky says. “It’s really holding its own considering the softness of every market nationally.”

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