News
North Submarkets Lease
January 5, 2011
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| Woodland Foods ended the year by signing a 131k SF lease at 3751 Sunset in Waukegan, consolidating its three rented facilities into one warehouse and absorbing 35k SF in the 13% to 14% vacant submarket. But Paine/Wetzel's Sam Badger, who repped Woodland in the lease along with Whit Heitman and Brad Weiner, says the new lease is key because it absorbed a non-divisible space that had been on the market for three years as either sublease or vacant space, and left three smaller, easier to lease spaces (50K SF, 30k SF and 14K SF) in the north 'burbs. | |
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| Colliers International's Jack Rosenberg, Fred Regnery, and Ned Frank repped building owner ING. The Paine/Wetzel team leased about 1M SF in the Lake County and Southeast Wisconsin submarkets in 2010, and Sam says the Illinois state government incentives helped keep Woodland Foods from crossing over to Wisconsin. The importer of spices and specialty food items plans to use the incentives to train new employees and offset the cost of improvements to the 30-year-old warehouse to meet food regulations. |
