Rendering of 350 W. Wolf Street. Picture courtesy of PCCP
PCCP and three way partnership accomplice Stotan Industrial have began building on a 100,400-square-foot speculative industrial growth in Mount Prospect, Sick.
Positioned inside Chicago’s O’Hare submarket, that is the primary undertaking the businesses have teamed up on. Signature Financial institution originated a $13.1 million financing for the property, Cook dinner County public data present.
Precept Development is the overall contractor for the undertaking, whereas Avison Younger is advertising the property for lease. The power is predicted to be accomplished and prepared for occupancy within the third quarter of 2023.
The event website was bought from Comcast in October 2022 for $4.4 million, in keeping with Cook dinner County public data. The location beforehand hosted a vacant workplace constructing, which was demolished final 12 months. The undertaking is being constructed in a submarket with low emptiness charges and a low provide of Class A industrial product and trailer area, the place lower than 10 % of the obtainable provide was constructed within the final decade, in keeping with Alexandra Schultz, senior vp at PCCP.
Positioned at 350 N Wolf Street, the Class A undertaking will embrace 32-foot clear heights, an workplace part, two drive-in doorways, as much as 20 exterior docks, 96 automobile parking spots and 24 trailer parking spots. Located on an eight acre lot, the event is near Interstate 294 and I-94, and is eight miles from O’Hare Worldwide Airport and its Northeast Cargo facility. Chicago is 23 miles away, with the Illinois Worldwide Port District 54 miles away.
A robust pipeline
A current CommercialEdge report reveals that some 668 million sq. ft of business area is underneath building as of February and, as builders proceed to broaden nationwide inventory, the U.S.’ industrial footprint is predicted to extend by 8.9 % in the course of the subsequent 5 years. Within the Midwest, Chicago leads different markets in industrial area underneath building, with 27.3 million sq. ft being constructed. Columbus ranks second at 12.8 million sq. ft, with Indianapolis third with 12.2 million sq. ft.
October 2022, LBA Logistics accomplished Business Heart at Melrose Park, a 651,617-square-foot industrial growth in Melrose Park, Sick. The event staff included McShane Development Co. and Harris Architects. The three-building park used JLL as their leasing agent. Additionally in October, Dermody Properties bought a former Allstate Corp. campus encompassing 232 aces in Glenview, Sick. The corporate plans to demolish the 5 current workplace buildings on the website and construct a $500 million, Class A logistics park. Totaling 3.2 million sq. ft of area, The Logistics Campus’ first section of building consists of 5 new buildings totaling 1.2 million sq. ft. That undertaking is predicted to be accomplished within the second and third quarters of 2023.
