CHICAGO—The Elgin-I-90 Corridor may be one the region's smaller industrial submarkets, but it is starting to attract a lot of notice from both users and investors. Conor Commercial Real Estate, a member of The McShane Cos., scored a tremendous success with its recent Northwest Pointe speculative project, and has now launched Northwest Pointe II, a 385,300 square foot single- or multi-tenant industrial facility.

This development, located near the intersection of Galvin and Higgins Rds. in Elgin, sits on a 22-acre parcel within Northwest Corporate Park and offers direct access to I-90 via Randall Rd. Conor plans to have the facility available for lease or sale with occupancy scheduled for November of 2016.

"Our decision to launch Northwest Pointe II is a result of several compelling factors and strong market fundamentals," Brian P. Quigley, Rosemont, IL-based Conor's executive vice president, tells GlobeSt.com. "The demand for class A product from local manufacturers and distributors looking to upgrade facilities or expand within Elgin continues to grow. Furthermore, companies benefit from transportation savings provided by immediate access to a full four way interchange at I-90 and Randall Rd., the availability of quality labor, and Elgin's low real estate taxes. We are confident that Northwest Pointe II will enjoy the same interest and leasing activity as the original Northwest Pointe development due to its numerous advantages for today's industrial users."

As reported in GlobeSt.com, the company finished the first Northwest Pointe last year and, after renting its 342,620 square feet to Illinois Tool Works and Box Partners, LLC, sold the property to Zurich Alternative Asset Management for about $29 million. The building was highly sought after, and Zurich was just one of many foreign investors, public REITs or other institutional buyers that were interested.

According to Colliers International, in the second quarter developers completed three new buildings in the area totaling 1.1 million square feet.

Kenneth P. Franzese, principal, and John T. Cassidy, principal, of the Rosemont, IL-based office of Lee & Associates are the exclusive marketing agents for Northwest Pointe II. The design/build team of McShane Construction Co. and Ware Malcomb is providing the comprehensive design and construction services for the new development.