Ropak Packaging (Ropak) has completed lease renewal transactions at two buildings it occupies in Elk Grove Village, Illinois. Podolsky Northstar CORFAC International and VOIT Real Estate Services completed the tenant representation assignments.
In completing the lease renewals for 188,162 square feet at 1300-1350 Arthur Ave. and 136,000 square feet at 2350 Lively Blvd., Ropak sought to improve efficiencies of their operations.
The buildings, located within a few blocks of each other in the heart of the Elk Grove Village Industrial market, are both more than 35 years old. As part of the renewal, Ropak received additional tenant improvement allowances, landlord upgrades and improvements, and a favorable rental rate structure.
Ropak has leased space in the Arthur Ave. building for the last 24 years. The multi-tenant building features 17 interior docks and 24′ ceiling heights, and is owned by KTR Capital Partners. The company has leased space in the Lively Blvd. building for the last 6 years. The single-tenant building features 14 interior docks, one drive-in door and 21’5″ ceiling heights, and is owned by ELK Grove Village Industrial and managed by Hamilton Partners.
Steven Tick, senior vice president, Podolsky Northstar CORFAC International, and Steve Lane, senior vice president, VOIT Real Estate Services, represented Ropak in the transactions. Marty Edmondson of KTR Capital Partners and Tom Maher of Hamilton Partners represented their respective companies.
