CHICAGO—The Chicago industrial market is firing on all cylinders, and has been for some time. Therefore, it's no surprise that individual submarkets are recording historic lows in vacancy and attracting new developments. Ridge, the industrial development arm of Transwestern Development Co., recently broke ground on Ridge Brewster Creek II, a 186,000-square-foot development in Brewster Creek Business Park, a 468-acre, master-planned industrial park in Bartlett, IL.
The company has already had some recent success with a similar project, called Ridge Brewster Creek I, a 271,000-square-foot building 50% leased to Winhere Brake Parts, which took the space before completion. Ridge plans to deliver the second building in December 2017.
“With the recent completion of Ridge Brewster Creek I, the timing was right to pursue another compelling opportunity,” says Darcie Fankhauser, senior vice president at Ridge. “Demand for large blocks of high-quality industrial space in DuPage County remains strong, and Ridge Brewster Creek II will be an ideal facility for light manufacturing and food industry users.”
The vacancy rate in the submarket just sank to a historic low of 4.58%, according to a mid-year Colliers International report, a decline of 94 bps in one quarter. The submarket also saw 307,281 square feet of leasing activity in the quarter, and “for tenants seeking space of 200,000 square feet or more, only four options are available, with only two of those options currently vacant and immediately available for occupancy,” Colliers says.
Colliers adds that the vacancy rate should begin to increase, as this and several other speculative projects come online this year.
Located at 1331 – 1337 Schiferl Rd., Ridge's new development will feature 3' clear heights with 50-by-50-foot column spacing, ESFR sprinkler system, 35 dock doors, two drive-in doors and 224 car parking spaces. The park's location at the intersection of Stearns and Munger Rd. just west of Rte. 59 provides accessibility to I-90 and O'Hare International Airport via the planned I-390 expressway.
CHICAGO—The Chicago industrial market is firing on all cylinders, and has been for some time. Therefore, it's no surprise that individual submarkets are recording historic lows in vacancy and attracting new developments. Ridge, the industrial development arm of Transwestern Development Co., recently broke ground on Ridge Brewster Creek II, a 186,000-square-foot development in Brewster Creek Business Park, a 468-acre, master-planned industrial park in Bartlett, IL.
The company has already had some recent success with a similar project, called Ridge Brewster Creek I, a 271,000-square-foot building 50% leased to Winhere Brake Parts, which took the space before completion. Ridge plans to deliver the second building in December 2017.
“With the recent completion of Ridge Brewster Creek I, the timing was right to pursue another compelling opportunity,” says Darcie Fankhauser, senior vice president at Ridge. “Demand for large blocks of high-quality industrial space in DuPage County remains strong, and Ridge Brewster Creek II will be an ideal facility for light manufacturing and food industry users.”
The vacancy rate in the submarket just sank to a historic low of 4.58%, according to a mid-year Colliers International report, a decline of 94 bps in one quarter. The submarket also saw 307,281 square feet of leasing activity in the quarter, and “for tenants seeking space of 200,000 square feet or more, only four options are available, with only two of those options currently vacant and immediately available for occupancy,” Colliers says.
Colliers adds that the vacancy rate should begin to increase, as this and several other speculative projects come online this year.
Located at 1331 – 1337 Schiferl Rd., Ridge's new development will feature 3' clear heights with 50-by-50-foot column spacing, ESFR sprinkler system, 35 dock doors, two drive-in doors and 224 car parking spaces. The park's location at the intersection of Stearns and Munger Rd. just west of Rte. 59 provides accessibility to I-90 and O'Hare International Airport via the planned I-390 expressway.
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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.
