CHICAGO—Available class A industrial space has become somewhat scarce in the Chicago metropolitan area. But just as many investors have started looking at older, class B product, developers have begun breaking ground on new, fully modern industrial space across the region. A joint venture between Panattoni Development Company and LaSalle Investment Management, for example, has broken ground on a 139,781-square-foot facility at 201 Gary Ave. in Roselle.
Industrial developers have 10 speculative construction projects currently underway in the Chicago metropolitan area totaling 1,433,059-square-feet. But 201 Gary Ave. is the Central DuPage market's only speculative project–planned or in process.
“We feel this represents a great opportunity to construct a facility in a size range that is actually in demand,” says John Pagliari, a partner with Panattoni. “This building is in a 'feeder' location with low taxes, which is a great opportunity for tenants in both the Central DuPage and O'Hare submarkets.”
Ronald J. Behm, Jeffrey J. Kapcheck and Matthew J. Stauber, all principals with Colliers International Chicago's Industrial Advisory Group, are leasing the property on behalf of Panattoni.
The building, which the partners expect to complete in the fourth quarter of 2013, sits within the Turnberry Lakes Business Park in Roselle, within walking distance of the Metra rail station and featuring access from the Elgin-O'Hare Expressway and Gary Ave. It is the third building in a five-building development plan. It has 18 docks (expandable to 36), two drive-in doors, 112-car parking, 30' clear ceiling height, and ESFR sprinklers. The same Colliers team successfully leased the first two Turnberry speculative buildings which have about 140,000-square-feet each. The developers will offer the remaining two buildings, one with 152,243-square-feet and the other with 154,110-square-feet, on a build-to-suit basis.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
