Newmark Knight Frank (NKF) secured a 270,789-square-foot lease extension within Bedford Park Corporate Center at 5139 W. 73rd Street in Bedford Park, Illinois. NKF executive managing director Geoffrey Kasselman, SIOR, LEED AP and associate Chris Hill arranged the lease extension on behalf of Assemblers, Inc.
Founded in 1974, Assemblers is a well-regarded private assembly and contract packaging company. The firm has occupied this property since 2014, when it leased the space to serve as its second of three Chicago-area facilities in support of its growing third-party food production business. The firm also has facilities in Chicago and McCook, where Kasselman and NKF recently arranged a strategic long-term lease extension as well.
Assemblers signed a long-term extension of its lease at the Bedford Park property to serve its non-food clients from a strategic location with strong labor nearby and to leverage operations with its other nearby facilities. Kasselman led the negotiations with the landlord, GLP, on Assemblers’ behalf, while also assisting Assemblers with its financial analyses and decision matrices. Brian Vanosky and Jeff Janda, SIOR, of Lee & Associates, represented GLP in the transaction. Kasselman also represented Assemblers in its original lease of 5139 W. 73rd Street in 2014.
“After a thorough review of the market, NKF and Assemblers determined this property continues to represent the best overall value proposition for its clients and employees,” said Kasselman. “This property strategically serves nearly all of Assemblers’ operating needs while also offering synergy with Assemblers’ other area facilities.”
Located within the Bedford Park Corporate Center, 5139 W. 73rd Street is a modern, free-standing 279,789-square-foot, pre-cast distribution facility on 12.4 acres. Built in 2006, the property features 32-foot clear ceilings, 48- x 48-foot column spacing with a 57-foot staging bay, 52 docks plus two drive-in doors, 7,612 square feet of office and an abundance of car and truck parking.
The property currently has “6B” real estate tax status with Cook County. Further, the property is located in a strategic infill location near I-55, I-294, UPS, USPS and FedEx, with easy access to local labor and downtown Chicago.
