CHICAGO—Most experts believe the Chicago region's industrial market has a long way to go before it hits any obstacles. And CT, a Newport Beach, CA-based developer, has jumped in with some big plans. The company just started Interchange 55 Logistics Park, a two-building, 1.34 million-square-foot logistics project in suburban Romeoville, IL, and plans to complete the $125 million development by the end of 2018. It's one portion of CT's nationwide industrial logistics investment strategy, in which Chicago plays a key role.
“We would like to accumulate seven million feet [in Chicago] through development, first and foremost, or acquisition,” Carter Ewing, managing partner with CT, tells GlobeSt.com.
CT acquired the 112-acre Romeoville site in December. It was represented in the acquisition by Adam Roth, Dan Leahy and Packy Doyle with NAI Hiffman, who also represent the project for lease.
“This project is ideally situated in the heart of the Chicago bulk warehouse and logistics market and will provide users with access to the largest inland port market in the US,” Ewing says. It will have quick access to I-55 and I-355 trucking routes and intermodal freight transportation via BNSF Logistics Park, Union Pacific Intermodal Terminal, and FedEx and UPS Chicago area consolidation hubs.
Ewing adds “we have always been nimble and responsive to demand. Today, that's large format warehouses, whereas the opportunity six years ago was infill repositioning or assemblages. We believe the current momentum will extend a few more years, but we are prudent in our risk taking.”
The project will consist of two cross dock distribution facilities, each with 32' minimum clear height, 560 feet of building depth and 185-foot deep all-concrete truck courts. Building A will have approximately 657,000 square feet, 60 dock-high doors, 157 trailer parking spaces and 241 car parking spaces. Building B will have approximately 684,000 square feet, 68 dock-high doors, 175 trailer parking spaces and 465 car parking spaces. The designs allow for further expansion of car parking, trailer parking and dock doors depending on tenant requirements.
“We are investing in the highest quality modern logistics facilities in tier one markets across America to meet the dynamic and growing demand for goods distribution nationwide,” says Ewing. “CT is heavily committed to be a preeminent developer of logistics facilities, with current land holdings across the country sufficient to develop as much as 15 million square feet of industrial buildings over the next five to seven years.”
It also has active developments in Northern and Southern CA, AZ, Dallas, Atlanta, and NJ.
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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.
