The facility is being built on a speculative basis at a time when most developers are only constructing build-to-suit projects. "I still think there is demand in this area," John Didrickson, principal with Equibase. "We felt pretty confident." The 270,000-sf building may end up being a single tenant building but is being constructed with the ability to house three to five tenants, Didrickson says. "We are looking at all our options," he says.
Construction is expected to begin by the end of the month and be complete in the fall. Corum had owned the 20-acre property prior to the two firms forming the joint venture, Didrickson says. The building will be near the Interstate 55 distribution corridor. Lease rates in that market are running at $4.17 per sf, according to a Grubb & Ellis market report.
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