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CHICAGO-When construction started in early 2008 on the 503,200-square-foot speculative industrial building, Duke Realty Corp. has ambitious plans. But when construction completed the summer, the market stood in a completely different place. Still, RTC Industries Inc. has signed on to lease the entire building in $15 million deal.

“When we started this building in early 2008, it wasn’t clear how drastically the market was going to change,” says Steve Schnur, SVP of Duke’s Chicago operations. “We certainly feel fortunate to attract such a strong company as RTC to this building. The location works well for them, and we were able to structure an attractive long-term deal. I applaud them for their foresight to capitalize on today’s marketplace and make a move that will improve their efficiencies and work to their advantage.”

The exact lease terms of the deal were not released, but reports estimate the 12-year lease is valued at $15 million.

Crossroads 5, as the property is called, is located at 801 N. Schmidt Rd. in Romeoville. Construction on the property completed in June, according to Duke executives. Chicago-based RTC provides solutions to the retail industry that include planning, design, manufacturing and retail technology.

According to reports, RTC will be relocating from Chicago’s Southside, where is occupies 3101-3201 S. Kedzie Ave.

Bill Fran, Todd Lippman and Jim Whalen, with CB Richard Ellis, represented RTC. Larry Johnson and Mike Mangan, also from CB Richard Ellis, represented Duke.

Duke’s portfolio, which includes properties owned, managed and under development, totals 11 million square feet of industrial and healthcare assets.

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