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DEKALB, IL-Construction started this week on a 410,000-sf building at 1211 Fairview Dr. being developed by Chicago-based Venture One Real Estate LLC. The build-to-suit facility, on more than 21 acres in the Park 88 industrial park, will be fully leased by St. Paul-based 3M. The industrial park includes about 565 acres and already houses a distribution center with 1.5 million sf constructed for Target, says Mark Goode, principal of Venture One Real Estate.
The building will be all precast construction with 14,000 sf of office space and will have 35 dock doors with levelers, 32 fee clear-height ceilings and parking for 165 trailers and 150 cars. When it is complete this summer, it will house between 150 and 200 employees. An estimate of costs for the project was not disclosed.
The Fairview Drive location will be the Midwest Distribution Center and will be used for distribution and logistic services. "This is a relocation and expansion of their [300,000 sf] facility in Aurora," he says. 3M signed a 10-year lease for the building. Goode would not disclose the lease rate although he did say that were no incentives offered. "The fact is that they really liked the area," he says.
Once completed, the building will be 3M's fourth in DeKalb with two being constructed and one being expanded by Venture One Real Estate, Goode tells GlobeSt.com. Venture One Real Estate had previously had redeveloped a 300,000-sf building, at 12101 Barber Greene Rd., and constructed a 202,000-sf building, at 2600 Wirsing Parkway. "This is our third experience with them," he says.
Clayco Construction Co. is the general contractor for the project. Heitman Architects Inc, based in Itasca, is the architect and Jacob and Hefner Associates P.C., based in Oakbrook Terrace, is the civil engineer for the project. LaSalle Bank is providing the construction financing. Senior director Michael Fonda and associate Hugh Williams, both with Cushman & Wakefield of Illinois Inc., and principal Steve Milner, of Milner & Associates Inc., represented Park 88 for the 3M lease transaction.
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