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BOLINGBROOK, IL-LG Electronics MobileComm USA Inc. has signed a seven-year lease for a 338,000-square-foot warehouse at 1251 W. 115th St. The consumer electronics, home appliances and mobile communications company has leased the entire Building #3, which was until now vacant, having been developed on spec in the Highland Corporate Center. ML Realty Partners LLC, owner and developer of Highland Corporate Center, was represented by Jason West and Sean Henrick of Cushman & Wakefield in the deal, while LG was represented by Seth Kelly and Kirk Armour of CB Richard Ellis.

“This is their central hub for their mobile communications division and they distribute nationally from this location,” Mike Dolan, regional VP of ML Realty, tells GlobeSt.com. “It’s central to the interstate system – 355, 55, 294, and 80 – and they were looking for state of the art construction.” Completed late last year, the property offers 30-foot clear ceilings, T5 lighting, 40 exterior docks, four drive-in doors and substantial trailer storage.

In total, Highland Corporate Center offers about a million square feet in three buildings. ML Realty developed the three buildings, and maintains ownership of all but the first, which it leased up and sold after completion. The business park is located in the Interstate 55 submarket, where average occupancy rates are around 86% and asking lease rates are near $4 per square foot for warehouse space, according to Grubb & Ellis’ mid-year industrial market report.

“This particular project has been very successful for us, and these three buildings have leased up very well,” Dolan says. “After the initial slow down, we’re seeing interest and activity starting to pick up of late. Things that were put on hold and people on the sidelines are starting to come forward and we’re starting to see some movement.”

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