Newmark Knight Frank (NKF) is pleased to announce a 270,789-square-foot lease extension at 5139 W. 73rd Street (Bedford Park Corporate Center) 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 operating synergies 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.
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’ clear ceilings, 48’ x 48’ column spacing with a 57’ 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 is located within the Bedford Park Corporate Center and 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.
“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.”
About Newmark Knight Frank
Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 16,000 professionals operate from approximately 430 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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