CHICAGO—New developments have begun sprouting all along the I-55 expressway, and yesterday Dermody Properties broke ground on the latest, and one of the most significant. At the corner of 1st Ave. and 47th St. in suburban McCook, the developer began constructing LogistiCenter McCook, a two-building industrial complex which will have a total of 662,700-square-feet of industrial manufacturing and distribution center space. The Reno, NV-based national industrial development firm will partner with AEW Capital Management on the project.
Located 11 miles from downtown Chicago, the LogistiCenter will sit at the entrance ramp to I-55, allowing access to both downtown Chicago and I-294 to serve suburban Chicago. Avison Young principal Brendan Kelly represented Dermody in acquiring the 34-acre site last year.
“LogistiCenter McCook will be a state-of-the-art industrial campus with a transportation advantage provided by our location at the full four-way interchange of I-55 and 1st Ave.,” said Brian Quigley, partner, Dermody Properties' Midwest Region Office, in a prepared statement. He was not available for additional comment by press time, but GlobeSt.com will provide an update early next week. “We are pleased to be breaking ground today and look forward to providing a solution for businesses looking to serve downtown Chicago, suburban Chicago, and the Greater Midwest.”
The first building will have 351,900-square-feet at 32' clear height with a building depth of 300', parking for 289 cars, four drive-in doors and 74 dock positions. The second building will have 310,800-square-feet at 32' clear height with a building depth of 280', parking for 343, four drive-in doors and 70 dock positions.
“We are actively pursuing industrial development opportunities in premier markets nationwide and believe this is one the most compelling sites we have come across,” said Marc Davidson, portfolio manager of the AEW Partners Funds.
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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.
