Oak Forest Logistics Heart. Picture courtesy of Logistics Property Co.
Logistics Property Co. has damaged floor on Oak Forest Logistics Heart, a 664,453-square-foot industrial constructing situated at 16799 Cicero Ave. in Oak Forest, In poor health.
The developer has tapped Architects Plus Design Studio, PLLC to design the ability, SPACECO, Inc. for the property’s civil engineering. FCL Builders will function the undertaking’s normal contractor, and Cushman & Wakefield will handle leasing on the accomplished facility. The complicated is scheduled for completion within the fourth quarter.
Oak Forest Logistics Heart marks the developer’s eleventh undertaking in metro Chicago, following its closing of Enterprise Two LP, a $1.8 billion fund that targets developments in fast-growing U.S. markets. Previous to the closing, the agency started building on Butterfield Distribution Heart and 2800 W. Diehl Highway, two initiatives in Aurora that complete 663,867 sq. toes.
Oak Forest’s options
At full build-out, Oak Forest Logistics Heart will embody 117 exterior loading docks with 4 drive-in doorways, which will likely be flanked by 625 parking areas. Inside, the constructing will characteristic 40-foot clear heights housing 54-foot by 52-foot column spacing, in addition to 54-foot by 71-foot pace bays, with the choice so as to add build-to-suit workplace house. The power is slated for LEED certification.
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The power will likely be located adjoining to a cluster of highways that results in Interstates 57 and 80. Oak Forest has direct entry to State Route 57, which connects to U.S. Routes 5 and 6. Industrial properties operated by Amazon and CJ Logistics are a half-mile southeast. Downtown Chicago is 20 miles to the north, and the ability is inside a day’s drive of most of the Midwest’s largest markets.
Cushman & Wakefield Government Vice Chair Jason West, Vice Chair Sean Henrick and Managing Director Ryan Klink will function the property’s leasing brokers.
Industrial upswing
As of Could 2023, Chicago had the nation’s fourth-largest industrial pipeline, with 24.49 million sq. toes of initiatives, in response to a CommercialEdge report. The market’s year-to-date transaction quantity of $414 million is the area’s largest and seventh within the U.S.
These fundamentals contribute to the market’s 4.2 p.c emptiness fee, 30 foundation factors above the nationwide common.
On the funding entrance, Enterprise One Actual Property has accomplished its buy of the Amhurst Lake Enterprise Park, a 404,953-square-foot complicated in Waukegan. Two months prior, a three way partnership between PCCP and Stotan Industrial added to the world’s growth begins with the groundbreaking of a 100,400-square foot undertaking in Mount Prospect.
