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BARTLETT, IL-A joint venture between Orix Real Estate Capital Inc., based in Chicago, and Capital Realty & Development, based in Elgin, are constructing a 277,058-sf speculative industrial building at 1301-1307 Schiferl Rd. The joint venture recently broke ground on the $14.5-million project.

The building is being constructed on a 15.8-acre site at the intersection of Sterns and Munger roads in the Brewster Creek Business Park. The joint venture acquired the property from business park developer Elmhurst-Chicago Stone Co., based in Elmhurst, for an undisclosed price.

The building, which will have frontage on Stearns Road, will have 30-foot clear height and will have up to 72 docks. The venture expects to lease the single-story building to between one and four tenants as small as 69,000 sf, says Walter Roach, VP of development for ORIX. David Bercu and Carter Andrus, both with Colliers Bennett & Kahnweiler, are the leasing agents. The asking lease rates are still being determined, but are likely to be between $4.70 per sf and $5 per sf net, Roach says. The building was designed by Harris Architects, based in Palatine, and the general contractor is Triumph Development Co., based in Elgin.