CEVA Logistics recently moved in to the facility, Riefe says. "The space was made ready a couple of weeks ago," he says. The distribution space is a new location for them after landing a new undisclosed client, he tells GlobeSt.com.
The logistics company chose Internationale Centre due to its proximity to Interstate 55 and Interstate 355, Riefe says. "This particular account of CEVA was very interested in access to downtown Chicago and to different cities through metropolitan Chicago and this location won out because of its access to highway system," he says.
CEVA leases a total of approximately five-million sf from ProLogis worldwide. The building was completed at the beginning of the year, Riefe says. The facility has 30 feet clear height and dedicated trailer parking, he says. CEVA Logistics is currently the only tenant in the building. The asking lease rate is $3.95 per sf, net, Riefe says. The speculative building is visible from Interstate 55. The construction of the speculative building was a more than $17 million investment, as previously reported by GlobeSt.com.
The 349,000-sf facility is located in the ProLogis Park International Center, which is located at the intersection of Interstate 55 and Interstate 355, here. The park consists of 920 acres, of which approximately 20 acres of forest land are allocated for preservation, a ProLogis spokeswoman says. There is a total of approximately seven million sf constructed in the park, with ProLogis owning approximately 3.6 million sf, Riefe says.
Current occupants of the park include Central American Logistics, Prairie Packaging, Bridgestone Firestone, Corporate Express, Follett, Graham Packaging, Vistar Corp., Danze, APL Logistics and Bunzl. There are currently eight acres left in the park. ProLogis is currently in discussions with possible users for a build-to-suit facility. The industrial park was originally developed by Catellus Development Corp., which merged with ProLogis in 2005. The park is located in the eastern end of the I-55 market and has close proximity to Chicago, Interstate 294 and the Interstate 355 extension that goes from Interstate 55 to Interstate 80, Riefe says.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 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.
