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SAUK VILLAGE, IL-Jacobson Warehouse Company Inc. has signed a lease for 262,000 square feet at DP Partners’ LogistiCenter at Sauk Village. The Des Moines, IA-based third-party logistics provider has signed on for the remainder of the 500,000-square-foot Building A at 21751 Rasmussen Dr., which was developed last summer. The lease marks an expansion and relocation for Jacobson from the 155,000-square-foot warehouse it previously occupied at 480 Lincoln Highway in Chicago Heights, IL.

“It’s a convenient location because they’re currently located in Chicago Heights,” Andy James, Chicago partner for Reno, NV-based DP Partners, tells GlobeSt.com. “This is a brand new facility delivered last summer with 32-foot clear ceilings and plenty of docks and trailer parking, and I think they liked the fact that it is a very efficient building with T5 lighting. It doesn’t have rail currently, but it has rail access and they liked that flexibility moving forward if they ever need rail.”

Asking lease rates are around $3.95 per square foot gross at the building, and James said Jacobson’s lease rate was very close to that. Jacobson was represented in the lease by David Prioletti, first VP in the Oak Brook office of CB Richard Ellis. Darwin Realty & Development Corp. is the exclusive leasing agent for the business park, and president George Cibula, VP Chris Gary and associate Ryan Hanley represented DP Partners in the deal.

This new lease brings the property to full occupancy, following a 156,000-square-foot lease signed there last month by Warehouse Specialists Inc. Completed last summer, the $18-million Building A distribution center was developed on nearly 27 acres as DP Partners’ third speculative property in the park. The facility offers two drive-in doors, up to 120 truck docks, an ESFR fire-suppression system, and parking for 189 cars and 59 trailers.

LogistiCenter is located in the south suburban submarket, where overall occupancy is around 88%, James says. “You can go down the road to Interstate 80 and there’s some new product, but around this area in Sauk Village, this is one of the few new buildings,” he says. “To have the building fully leased to these two great tenants a year after delivering it is exciting.”

The 1.5-million-square-foot park offers three buildings in total, all of which were developed by DP Partners, having purchased the 325 acres in 2005. The first two buildings developed, which combined offer more than a million square feet, were sold as part of a $1.8 billion portfolio ProLogis acquired from DP Partners in July 2007. DP Partners maintains ownership of the third and most recent building and expects to develop the park to contain 5,000,000 square feet in 10 buildings when completed.

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