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UNIVERSITY PARK, IL-TCB Development Co., based in Chicago, recently started construction on a 575,024-sf speculative distribution center at 5401 W. University Parkway. The estimated value of the project is $25 million, says Randy Tieman, executive vice president for TCB.
The building will be constructed on a 35-acre site near two different interchanges for I-57. There will be 66 exterior truck docks, 100 trailer positions and 175 automobile parking spaces. The building is expected to be available for occupancy in the fourth quarter. The asking rate for the building will be $3 per sf net, Tieman says. TCB Design Build is the design build contractor and Harris Architects is the building architect. Randy Koch, Jack Cozzie, Jeff Rosenbloom and David Drew, all with Grubb & Ellis, are the leasing agents for the building. LaSalle Bank is the lender for the project.
TCB is constructing the building as a speculative project. "Tenants want to have a building ready to go. They do not want to wait for build-to-suits," Tieman says. An advantage to the site is that it has low taxes because it is located in a tax increment financing district, which reduces the taxes by 75%, and is located in Will County, which has lower taxes than Cook County, Tieman says.
A 150,000-sf distribution center was recently completed by TCB at 500 Crossings Dr. in the University Crossings business park in University Park. The project has an estimated value of $7.5 million, Tieman says. Omar Medical Supplies, a medical supply company, has signed a lease for 25,000 sf and "we are negotiating with a couple of other tenants," he says. The asking lease rate for the building is $4.25 per sf net. Sally Macoicz and Walter Murphy, with Cushman & Wakefield are the exclusive leasing agents for the building. TCB also recently sold a 517,887-sf freezer/cooler distribution center at 450 Central Ave., in University Park, to Chicago-based Blue Vista Capital LLC.
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