355 Corporate Center is located less than one mile from a full interchange at 159th and I-355.
CHICAGO—Panattoni Development Co. has just finished construction on a pair of spec buildings in suburban Lockport, the initial two buildings at its 355 Corporate Center. The new business park represents the developer's first move into the I-355 extension area, where land is far more plentiful than in the nearby I-55 submarket.
Panattoni completed the light industrial structures in a joint venture with PCCP, LLC. The developer has hired Nicolson, Porter & List as exclusive leasing agent for the new buildings and all of 355 Corporate Center, which has other land sites with extensive frontage on I-355 ready for build-to-suit or additional spec development.
Building 1 totals 273,640 square feet and features up to 65 docks, four drive-ins and parking for 268 cars. Building 2 is 228,690 square feet and offers up to 65 docks, four drive-ins and parking for 240 cars. Both feature 32' clear height, ESFR sprinkler systems and highly visible locations, including over a half mile of highway frontage on I-355.
“At the completion of our first two buildings we're already seeing strong activity from users ranging from food distributors to manufacturing companies,” Jason Rosenberg, senior development manager for Panattoni, told GlobeSt.com. “There's a shortage of supply of mid-sized class A industrial buildings in the market right now and the 355 corridor is perfectly positioned, between I-55 and I-80, to serve that segment of the market.”
Designed by Harris Architects and built by Alston Construction, the buildings can be used for a range of distribution and manufacturing uses. 355 Corporate Center is located less than one mile from a full interchange at 159th and I-355, seven miles from I-55 and five miles from I-80.
“With the maturing of the I-55 corridor and the lack of available land for development, the I-355 extension is the obvious place for development to spread,” said Mark Barbato, principal of Nicolson, Porter & List. “Many developers are searching for land positions in the corridor, but Panattoni will benefit from being among the first to deliver product to the market.”
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
