Search
 

ML Realty Sites $200M, 228-Acre Business Park

LOCKPORT, IL-Heritage Crossing Corporate Center will have 2.6 million sf at the 143rd Street interchange for Interstate 355.

By Gina Kenny | Updated on May 18, 2008

LOCKPORT, IL-ML Realty Partners LLC, based in Itasca, IL, is planning a 228-acre industrial park at the 143rd Street interchange for Interstate 355. The estimated cost for Heritage Crossing Corporate Center, when completed, is approximately $200 million, says Mike Luecht, president and CEO of ML Realty Partners. The business park is expected to have a total of 2.6 million sf of industrial space when fully built-out.

The park is bounded by I-355, 143rd Street, 151st Street and Lemont Road. Heritage is expected to have a total of 12 buildings ranging in size from 65,000 sf to 485,000 sf. Construction is expected to begin shortly on two of the buildings, both of which are being constructed on a speculative basis, Luecht says. “Even though there is an apparent reduction in industrial demand, the good news is in this cycle that there was not too much supply in this submarket,” he says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.