CHICAGO—The Opus Group has put up a number of medium-sized industrial buildings in the past few years, but with the Chicago market setting records, company officials say it's time to go big. They just unveiled plans to construct a 1.2 million-square-foot speculative industrial warehouse in suburban Joliet near the I-80 expressway.
It will occupy 75 acres of land near the intersection of US Rte. 6 and Hollywood Rd. that Minneapolis-based Opus purchased from Ketone Partners. The company will develop the project in a joint venture with AEW Capital Management, LP on behalf of one of its institutional separate account clients.
“The decision on the building size is based on specific submarket demands,” Mike Yungerman, vice president, real estate development, Opus Development Co., LLC, tells GlobeSt.com. “While Opus has completed quite a few developments in the 100,000-500,000 square foot range over the past three years, we also, prior to the recession, completed several buildings greater than 800,000 square feet in the I-80 submarket.”
This project will also have 36' clear ceiling heights, a feature strongly favored by an increasing number of users. In addition, it will have more than 200 loading docks, up to 450 trailer positions, parking for 225 cars with room for expansion and an ESFR sprinkler system. The property is located less than one mile away from I-80 and will have easy access to the interstate via the Houbolt Rd. interchange.
Opus officials say the speculative building will accommodate a single user or up to two tenants of 500,000 square feet or greater, and users in the e-commerce and intermodal logistics industries should find it ideal. Opus will begin construction of the facility this spring with a formal groundbreaking ceremony taking place in May. It plans to complete the project by summer 2018.
Opus' recent portfolio of work includes more than 6.9 million square feet of industrial developments currently under construction or completed in the past 24 months across the US, including the Paragon Business Park in nearby Romeoville. Beyond this recent work in the sector, Opus' local work includes an additional 1.8 million square feet of distribution space at nearby Minooka Ridge.
Yungerman is optimistic that the market is ready for a spec this size. “Opus and our listing team are tracking more than a half dozen users currently seeking space greater than 500,000 square feet. If you look at space absorption figures over time I think that trend will continue.”
Opus Development Co. LLC will be the developer, Opus Design Build, LLC will be the design-builder and Opus AE Group, LLC will be the architect and structural engineer of record. NAI Hiffman represented Ketone Partners in the sale of the land and Eric Tresslar and Steve Connolly of NAI Hiffman will market the property for lease.
CHICAGO—The Opus Group has put up a number of medium-sized industrial buildings in the past few years, but with the Chicago market setting records, company officials say it's time to go big. They just unveiled plans to construct a 1.2 million-square-foot speculative industrial warehouse in suburban Joliet near the I-80 expressway.
It will occupy 75 acres of land near the intersection of US Rte. 6 and Hollywood Rd. that Minneapolis-based Opus purchased from Ketone Partners. The company will develop the project in a joint venture with AEW Capital Management, LP on behalf of one of its institutional separate account clients.
“The decision on the building size is based on specific submarket demands,” Mike Yungerman, vice president, real estate development, Opus Development Co., LLC, tells GlobeSt.com. “While Opus has completed quite a few developments in the 100,000-500,000 square foot range over the past three years, we also, prior to the recession, completed several buildings greater than 800,000 square feet in the I-80 submarket.”
This project will also have 36' clear ceiling heights, a feature strongly favored by an increasing number of users. In addition, it will have more than 200 loading docks, up to 450 trailer positions, parking for 225 cars with room for expansion and an ESFR sprinkler system. The property is located less than one mile away from I-80 and will have easy access to the interstate via the Houbolt Rd. interchange.
Opus officials say the speculative building will accommodate a single user or up to two tenants of 500,000 square feet or greater, and users in the e-commerce and intermodal logistics industries should find it ideal. Opus will begin construction of the facility this spring with a formal groundbreaking ceremony taking place in May. It plans to complete the project by summer 2018.
Opus' recent portfolio of work includes more than 6.9 million square feet of industrial developments currently under construction or completed in the past 24 months across the US, including the Paragon Business Park in nearby Romeoville. Beyond this recent work in the sector, Opus' local work includes an additional 1.8 million square feet of distribution space at nearby Minooka Ridge.
Yungerman is optimistic that the market is ready for a spec this size. “Opus and our listing team are tracking more than a half dozen users currently seeking space greater than 500,000 square feet. If you look at space absorption figures over time I think that trend will continue.”
Opus Development Co. LLC will be the developer, Opus Design Build, LLC will be the design-builder and Opus AE Group, LLC will be the architect and structural engineer of record. NAI Hiffman represented Ketone Partners in the sale of the land and Eric Tresslar and Steve Connolly of NAI Hiffman will market the property for lease.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
