CHICAGO—The vacancy rate among industrial properties in the region has sunk to just 8.43%, according to Colliers, the lowest since 2006, and developers have launched several major projects to loosen up the market. Conor Commercial Real Estate, and Gallagher and Henry, for example, have begun the development of the third phase of the 80-acre Union Pointe industrial business park in south suburban Woodridge. As reported in GlobeSt.com, Conor recently completed a new 347,400-square-foot build-to-suit corporate headquarters and warehouse facility for Orbus Exhibit & Display Group at Union Pointe.
Conor, a member of the McShane Companies, just broke ground on Building Three, a 256,880-square-foot, multi-tenant industrial facility that it will complete in the second quarter of 2015. The Kellogg Company has already signed a seven-year, 135,213-square-foot lease and plans to begin occupying the space in April 2015.
“We're delighted with the caliber of tenants that this prominent business park has attracted and praise the Village of Woodridge for its swift collaboration in securing these types of companies within its community,” said Daniel E. Fogarty Jr., vice president of Conor, in a prepared statement. He could not be contacted by press time. “We look forward to the continued interest of additional tenants as we lease the remaining 121,667-square-feet of space.”
The new building will sit on a 16.7-acre site at 9020 Murphy Rd. that has frontage along the I-355 corridor. The 32' clear building will feature a total of 34 dock doors, two drive-in doors, T-5 lighting, ESFR sprinkler system and parking for 255 vehicles and 41 trailers.
McShane and Ware Malcomb are serving as design/builder for the speculative building and tenant improvements. Mark Barbato of Nicolson Porter & List, Inc. and Michael Nelligan of JLL represented Kellogg in the lease transaction while exclusive marketing agents, Brian Carroll and Jim Cummings of Newmark Grubb Knight Frank, represented Conor Commercial and Gallagher and Henry.
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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.
