CHICAGO—The Opus Group has put up a number of medium-sized industrial buildings in the past few years, but with the Chicago market setting records, company officials say it's time to go big. They just unveiled plans to construct a 1.2 million-square-foot speculative industrial warehouse in suburban Joliet near the I-80 expressway.
It will occupy 75 acres of land near the intersection of US Rte. 6 and Hollywood Rd. that Minneapolis-based Opus purchased from Ketone Partners. The company will develop the project in a joint venture with AEW Capital Management, LP on behalf of one of its institutional separate account clients.
“The decision on the building size is based on specific submarket demands,” Mike Yungerman, vice president, real estate development, Opus Development Co., LLC, tells GlobeSt.com. “While Opus has completed quite a few developments in the 100,000-500,000 square foot range over the past three years, we also, prior to the recession, completed several buildings greater than 800,000 square feet in the I-80 submarket.”
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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.
