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TINLEY PARK, IL-First Industrial Realty Trust Inc., headquartered in Chicago, is expected to close Wednesday on the purchase of 92.8 acres on Prosperi Drive near Interstate 80 and Oak Park Avenue. The site will be developed into the Tinley Park Corporate Center and will have two speculative industrial buildings. The owner of the property and the amount of the sale were not disclosed.
Plans for the property include two buildings with a total of 1.2 million sf of warehouse, office and distribution space. Construction is expected to begin this summer with occupancy next spring, says Christopher McGrath, vice president of development for the company. An estimate of the cost of the project was not disclosed.
The larger of the two buildings will have 915,643 sf with a cross-dock facility and divisible to about 228,000 sf, says Martin Edmondson, development manager for First Industrial and team leader for the project. The smaller of the two buildings will have 300,784 sf with a rear load facility and divisible to approximately 26,000 sf. There have not been any leases signed to date. McGrath would not disclose the asking lease rates.
"We continue to believe in the strong demand of the Chicago market for new additional distribution space [and], in particular, the eastern end of I-80 where we think that that part of the market is underserved in terms of quality new industrial warehouse space," McGrath says. In addition, the site is approximately a half-mile from the interchange of I-80 and Harlem Avenue. "The entire length of the site has frontage to I-80," Edmondson says.
The developer also owns two industrial buildings in Tinley Park, at 183rd Street and 80th Avenue, which it bought a year ago. First Industrial owns 8.5 million sf of industrial property in the Chicagoland area and 120 million sf of property across the nation, McGrath says.
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