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JCF Plans $100M Business Park on 50 Acres

ST. CHARLES, IL-The Corporate Reserve of St. Charles will have 600,000 sf of office space, restaurants and possibly a hotel.

By Gina Kenny | Updated on May 14, 2008

ST. CHARLES, IL-JCF Real Estate, based in Chicago, is developing a 50-acre business park along Route 64 near Randall Road, here. The Corporate Reserve of St. Charles is expected to have approximately 600,000 sf of office space. The $100 million development is also expected to have restaurants and possibly hotels, says John Fitzmaurice, founder and principal of JCF Real Estate. The firm closed on the sale of the property last week. The sales price for the land was reportedly purchased by Cardinal Industries for nearly $12 million.

Construction is expected to begin soon on three speculative office buildings, Fitzmaurice says. Two single-story buildings will be constructed with 15,000-sf each, in addition to a three-story building with 45,000 sf. The two single-story buildings will be divisible to 830 sf with the three-story building divisible to 500 sf. The asking lease rate for the two single-story buildings is $15 per sf, net and the asking lease rate for the three-story building is $19 per sf, net, he says. JCF is currently in discussions with possible tenants for 20,000 sf of the space, Fitzmaurice tells GlobeSt.com. The three speculative buildings are expected to be completed and ready for occupancy by the second quarter of 2009.

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