(To read more on the industrial market, click here.)
MOUNT PROSPECT, IL-United Airlines has sold 27 acres along Algonquin Road, near its corporate headquarters in unincorporated Elk Grove Township, to a developer that plans to build two warehouses with office space. Opus North Corp., which reportedly paid $12 million for the land west of Elmhurst Road, hopes to annex the acreage into the village of Mount Prospect and begin building its Briarwood Business Center.
Rosemont-based Opus North Corp. plans a 236,850-sf building with 30-foot ceilings and 24 loading docks as well as a 225,000-sf building with 30-foot ceilings and 20 docks. Both buildings could be expanded.
"Opportunities to purchase vacant land in the O'Hare market are scarce," says Opus North real estate director Mike Yungerman. "This is a significant project for Opus North because strong markets such as O'Hare offer tremendous potential for opportunistic investors."
Renee Betzelos of ProTen Realty represented United Airlines in the land sale. Matthew Stauber of Colliers Bennett & Kahnweiler has been hired to market the buildings, which are expected to be completed next fall. Opus Architects & Engineers is designing the buildings.
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