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CHICAGO-KTR Capital Partners has agreed to purchase a 23-acre parcel at 3710-3720 River Rd. in Franklin Park, three miles from the south cargo entrance of O'Hare airport. The New York City-based private equity fund plans to develop O'Hare East Business Center, a two-building, 400,000-sf cargo distribution facility.

"We're building two 200,000-sf structures with 110 trailer spots," Brian Milberg, VP at KTR, tells GlobeSt.com. "Both buildings are 200 feet deep for easy throughput. We're building them simultaneously and they'll be up and ready in spring 2007 ahead of completion of the airport expansion plan in 2008. We're targeting airfreight customers and logistics firms. These will be the only such facilities on the south side of the airport," he adds.

Milberg declined to disclose an estimated construction cost, but says, "we're asking $8.50 per sf net." Matt Mulvihill, VP, and Brian Carroll, SVP in the Rosemont-based industrial services team of Grubb & Ellis, represented KTR in the acquisition of the land, which is located between Mannheim and River roads. Tim Thompson of locally based HSA Commercial Real Estate represented the seller, identified as Old River LLC. The price of the land is undisclosed.