The park is expected to have a total of four warehouse and distribution buildings. Construction will begin soon on a one-million-sf speculative industrial facility. The facility is expected to be complete by the end of the year. The building will likely be a single-tenant warehouse and distribution facility, but will be constructed with the ability to be divisible to two tenants, Matzke says.
Asking lease rates were not disclosed, but Matzke says that the market rate for the area is between $3 and $3.15 per sf, triple net. EVP Vernon Schultz, SVP Charles Canale and VP Brent DeNoble, all with Colliers Bennett & Kahnweiler's Industrial Services Group, are marketing the park.
The second building is planned to also be approximately one million sf, Matzke says. Construction will begin on the second building based on the leasing of the first building. Higgins is also constructing about 6,000 feet of road, he says.
Higgins acquired the land in 2007 from BP Amoco Chemical Co. for an undisclosed price, Matzke says. The firm was interested in the parcel, in part, because of its location near two major highways. "It is equidistant between Interstate 80 and Interstate 55," he says. The area is "nationally recognized for one of the key targets for distribution," Matzke says. The park is also about four miles from the Burlington Northern-Santa Fe Railroad's Logistics Park Chicago. Several major companies have distribution centers in the area, including Wal-Mart, Kraft Foods, Kellogg's, IKEA, Costco, Clorox and Alberto-Culver.
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