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SAUK VILLAGE, IL-DP Partners has landed its first tenant to its 325-acre LogistiCenter here, signing Appleton, WI-based Warehouse Specialists Inc. to a 308,000-sf lease. The third-party logistics and warehousing firm is taking most of the 412,615-sf building, the first in the five-million-sf, $150-million industrial park.
LogistiCenter at Sauk Village is bounded by Illinois Highway 394, Cottage Grove Avenue, Sauk Trail and the Elgin, Joliet and Eastern Railway. Although terms were not disclosed, space is being marketed at $3.05 per sf.
Warehouse Specialists has more than 40 locations across the US, totaling 13 million sf. The company started in 1966 in a 30,000-sf warehouse in Combined Locks, WI and now handles 25,000 rail cars and 500,000 trucks a year.
"We welcome Warehouse Specialists, because it represents the type of quality logistics employer we have specifically targeted for the growth of our community," says Mayor Roger G. Peckham, whose village is co-developing the industrial park with Reno, NV-based DP Partners. Village officials believe the industrial park could generate $60 million in tax revenue as well as 2,000 jobs. Development of the industrial park is expected to take between six and seven years.
Final inspections of the road and the building shell, tenant-improvements permits and certificates of occupancy had to be performed and delivered under a fast-track schedule, says DP Partners director of development Dennis L. Shaw.
Paine/Wetzel Associates Inc. principal Gerald F. Sullivan represented Warehouse Specialists Inc. in negotiations with Grubb & Ellis senior vice presidents Michael J. Piscoran, SIOR, and Randy Koch. "We conducted a very detailed and comprehensive search for our first tenant," Piscoran says.
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