CHICAGO- For years, the economic crisis dried up demand for new warehouses in suburban Chicago. But Morgan/Harbour Construction just announced that the firm has broken ground on a new 180,480-square-foot speculative warehouse in suburban Woodridge. The new structure, the second phase of Park 355, a 37-acre complex near the junction of I-355 and I-55, is a joint venture between HSA Commercial and Denver-based Industrial Income Trust.

“There hasn't been a speculative building in this suburb in four or five years,” says Craig Phillips, executive vice president of development with Chicago-based HSA. The resulting pent-up demand, along with what the partners consider a reviving economy and the advantages to a site freely visible from Interstate 355 “all came together and resulted in us green lighting the project.”

HSA began developing Park 355 in 2006. Phase 1 was a 254,453-square-foot distribution center that the firm leased to logistics and manufacturing tenants such as Ace Hardware, Tricor Braun and DIK Drugs. In June 2011, Industrial Income Trust purchased the fully-occupied building from HSA and Bridge Development Partners.