(Read more on the industrial market.)
WOODRIDGE, IL-Chicago-based Davey Road Development LLC is having a 100,000-sf industrial speculative building constructed on a 5.8-acre parcel acquired from Chicago-based BPG Properties Ltd. The sales price for the parcel was $1.7 million.
The parcel will be developed for the owner by Nicolson, Porter & List Inc., based in Park Ridge. Mark Barbato, principal with Nicolson, Porter & List, represented Davey Road in the sales transaction. The cost of the development, including the cost of acquiring the land, is between $7 million and $8 million, Barbato says.
The 100,000-sf multi-tenant building will be divisible to 8,000 sf. Construction on the building is expected to begin in May or June of 2008 with first occupancies in the late fall of 2008, says Barbato.
Earlier this year, BPG had sold the bulk of the Wood Hill Crossings Business Park to San Francisco-based Bristol Group Inc. for more than $65 million, as reported by GlobeSt.com. The sale included five buildings with a total of 944,656 sf. Bristol "was not interested in doing a new development because they had already picked up one million sf and they had some leasing to do there," says Joseph Neverauskas, BPG senior vice president and head of the Midwest regional office.
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