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Spec Industrial Developments Keep Coming

CHICAGO—HSA Commercial has been one of the region's more active developers, and the robust demand in the market has led it to launch a third building in Woodridge, IL.

By Brian J. Rogal | brianjrogal | | Updated on August 05, 2016

 

chi-Park355Aerial1 (2) Park 355 sits right beside I-355 in Woodridge, IL.
CHICAGO—Tenants in much of the Chicago industrial market continue to sign new leases and expansions, and developers are feeling confidant. Chicago-based HSA Commercial has recently built and leased up a number of industrial buildings in the region, and is now set to complete its Park 355 development in suburban Woodridge, which will soon encompass more than 500,000 square feet of space.   The company will break ground this month on a 152,122-square-foot distribution center, the third and final structure at the complex, and plans to complete it in March 2017. “Leasing interest from national and local distribution companies has been extremely strong even before we’ve broken ground on the project,” Tim Thompson , executive vice president and managing director of industrial services with HSA Commercial Real Estate, tells GlobeSt.com. “Phase III is designed to cater to a wide variety of users from 36,000 square feet up to 90,000 square feet that currently have limited options for class A space within the I-55 industrial submarket.” HSA Commercial began developing the 37-acre Park 355, located near the junction of I-55 and I-355 , in 2006. The project’s first phase consisted of a 254,453-square-foot distribution center, now leased to national logistics and manufacturing tenants including Ace Hardware and Tricor Braun . The project’s second phase, a 180,480-square-foot speculative industrial facility, was completed in 2014 and is now nearly fully leased. The new freeway-visible building will include 30′ clear heights, three drive-in doors and 15 truck docks, with the ability to construct an additional 15 docks based on tenant requirements.  “With the strong lease-up of our previous two buildings at Park 355 and the continued demand for high-clear, class A industrial space – particularly among smaller users – the timing for this project is ideal,” says Robert Smietana , vice chairman and chief executive officer of HSA Commercial. “Although this building is being developed on spec, the leasing interest has been so strong that it would not be a surprise to have a sizeable portion of the building pre-leased before construction is complete.” Thompson will handle leasing for the project. Cornerstone Architects Ltd. designed the new distribution center, and Morgan / Harbour Construction will serve as the general contractor.

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