CHICAGO—The O'Hare market has tightened up considerably as more tenants, both office and industrial, are looking for spaces within its dense network of transportation links. And the latest deal there brings Elk Grove Village's 85-acre Busse Farm, the largest unimproved site in the submarket, another step closer to development.
The buyer Brennan Investment Group has worked closely with the municipality over the past two years to obtain approval for the Elk Grove Technology Park, which will offer 1.2 million square feet of high-image, state-of-the-art industrial and data center space, one of the largest of its kind in the country.
“Since announcing the project earlier this year, we have been gratified to see the incredible demand from high-tech industrial and clean manufacturing firms, as well as data center providers,” says Michael Brennan, chairman and managing principal of the group. “With this transaction, we are ready to commence one of the most significant industrial developments in the country.”
The Chicago office of CBRE represented the seller and the buyer in the land purchase at 955 E. Higgins Rd. The approximate boundaries are Higgins Rd. on the North, Lively Rd. on the East, Oakton Blvd. on the South and King St. on the West.
CBRE's Mike Sedjo, John Hamilton, Jack Brennan and Tony Gange represented the seller, Tim Busse, as well as Brennan and its partner Greenfield Partners. CBRE also represented the partnership in the acquisition of 17 additional acres adjacent to the larger parcel, which closed on the same day.
In the first quarter of 2018, Brennan and Greenfield will begin developing an amenity-rich infrastructure featuring ponds, water features, sculptures, bike paths and pedestrian walkways. Upon completion, the developer will construct several speculative facilities with frontage on Higgins Rd. The proposed buildings range in size from 75,000 to 250,000 square feet. All buildings will feature modern, pre-cast construction with high-end glass facades, state-of-the-art systems and fixtures, 32' ceiling clearance, and ample automotive parking.
The CBRE team of Sedjo, Hamilton and Brennan will lead the industrial leasing efforts. Todd Bateman, North American practice leader for CBRE's Data Center Solutions team, will manage data center leasing.
According to CBRE research, industrial vacancy in the O'Hare market is less than 3% and there is very little construction in the pipeline.
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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.
