The building will have "sustainable" features such as T-5 lighting, "the most efficient heating and air conditioning systems we can find" and a white roof," he says. Land and Lakes is also looking into ways to recycle the rain water at the site, Hanley says. The building will be divisible to 250,000 sf although "we prefer one tenant," he says. Bluff Point III is expected to be completed in mid-December, Hanley says.
Lynn Reich and Jeff Kapcheck, both with Colliers Bennett & Kahnweiler, are the leasing agents. Harris Architects Inc., based in Palatine, IL, is the architect and Meridian Design Build LLC is the general contractor. Jacob & Hefner Associates Inc. is providing engineering services.
Bluff Point III will be the third building in the park. Although many developers are holding off on constructing speculative projects right now, Land and Lakes feels that the there will be demand for the building because of its location. "Basically, we find that our location is superior to those other buildings on the market as well as those that could come on the market," Hanley says. The business park is located at the southeast corner of Joliet and Bluff roads and is near Interstate 55 and Interstate 355, offering access to Interstate 88, Interstate 80 and Interstate 294.
The first two buildings are both approximately 500,000 sf each. Bluff Point I, 825 Bluff Rd., was completed in 2005 and is fully leased to the Wrigley Co. Bluff Point II, 815 Bluff Rd., was completed in 2007 and is fully leased to Prairie Packaging, which is now owned by Pactiv Corp. The cost of the first two buildings constructed was also approximately $17 million to $18 million, Hanley says. Both buildings have been sold by Land and Lakes Development Co. to third parties, Hanley says. There is an additional 3.75-acre site available in the business park where a building between 40,000 sf and 50,000 sf could be constructed, he says.
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