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Opus North Plans New Building in 1M-SF Park

WEST DUNDEE, IL-The company will soon begun construction on a 150,000-sf industrial building, which will join others in the 120-acre Oakview development.

By Cari Brokamp | Updated on October 19, 2008

WEST DUNDEE, IL-Opus North Corp. will begin construction by December on a speculative building, planned to be about 150,000 sf, in its Oakview Corporate Park on Higgins Road, a quarter-mile west of Randall Road. The new building, expected to be completed in spring 2009, will join three others already constructed in the 120-acre corporate park, which combined represent about 265,000 sf. The park, which features 75 acres of buildable land, currently houses the 105,000-sf Leafs Ice Centre, a 154,000-sf building, and a 6,000-sf retail building.

“It’s a smaller submarket so there are opportunities out there to get in the ground for the right prices with decent rents,” Mike Yungerman, senior real estate director at Opus, tells GlobeSt.com. “There are users that don’t need to be in the O’Hare market, and don’t use O’Hare Airport, but have been there for a while. We saw the land prices going up so much in O’Hare, and there are a lot of users looking for something more cost effective, and we can offer that.”

When completed, the park is expected to have a total of 1.2 million sf in eight to 10 buildings. The property is located in the Elgin Interstate 90 submarket, on the border between West Dundee and Elgin, and includes 45 acres set aside for detention and nature preserves. The past six months have seen a good deal of activity on Opus’ previous speculative development, Oakview Building I, which is now about 83% occupied, saysMike Yungerman, senior real estate director at Opus.

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