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North DuPage Spec Already 50% Leased

CHICAGO—Users hungry for space are snapping up spots in new speculative construction even before developers can finish the new facilities.

By Brian J. Rogal | brianjrogal | | Updated on June 28, 2016

 

chi-ridge creek (2) Ridge Brewster Creek, a 271,200-square-foot, 14-acre, speculative industrial development within Brewster Creek Business Park in Bartlett.
CHICAGO—The vacancy rate for industrial properties in North DuPage County recently hit a 10-year low, and users hungry for space are snapping up spots in new speculative construction even before developers can finish the new facilities.   For example, N ewmark Grubb Knight Frank has just pre-leased half of Ridge Brewster Creek, a 271,200-square-foot, 14-acre, speculative industrial development within Brewster Creek Business Park in Bartlett, to an automotive part distributor. Senior managing director Adam Marshall , executive managing director Brian Carroll and director Mark Deady represented the developer, Chicago-based Ridge Development , in the transaction. “There are minimal options right now for new, modern industrial facilities in DuPage County, as evidenced by NGKF’s first-quarter 2016 industrial research, which shows the vacancy in DuPage to have declined to 5.7%,” Marshall tells GlobeSt.com. As a result, the submarket “can handle more spec. And there are a few more spec projects coming out of the ground soon to fill a supply void in certain sizes.” Still, the “submarket is primarily infill at this point so it is difficult to find development sites.” Currently under construction and set for completion in September 2016, Ridge Brewster Creek will feature 32′ clear ceilings, 36 exterior docks and four drive-in doors. The project is located within Brewster Creek, a 670-acre mixed-use business park. Tenants will enjoy many local amenities in Bartlett including restaurants, day care facilities, gas stations, banks, a Metra station, forest preserves and golf courses. Elgin Community College is also located nearby, which provides workforce recruitment and custom training services through a state grant. The new lease was signed to an automotive brake rotor an d drum distributor that will relocat e from its current Hanover Park location in October 2016. Mike Sedjo , senior vice president of CBRE , represented the new tenant in the transaction. “Due to the strong activity we have had while construction at Ridge Brewster Creek is underway,” Marshall says, “we are confident that the property will achieve 100% occupancy in short order.”

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