Industrial Scarcity Inspires New Spec in Niles

CHICAGO—The North Cook County submarket is chockablock with industrial properties built in the 1960s and 1970s, but has very few options for companies that need a modern building. But a joint venture has decided to help change that. Boston-based Cabot Properties Inc., and Chicago-based Seefried Industrial Properties closed late last month on the purchase of an 11.2-acre site at 5600-5700 W. Jarvis Ave. in Niles, and will soon demolish its two existing buildings and by the fourth quarter construct a new 217,000-square-foot spec warehouse.

JLL senior vice president Steve Trapp tells GlobeSt.com that, including this project, builders have launched just three industrial developments in the area in the last decade. Trapp and JLL colleagues Kurt Sarbaugh and Robin Stolberg represented the joint venture in the acquisition of the site and are now marketing the new development.