Industrial Outdoor Ventures to Open Facility at Illinois-Wisconsin Border

For many fundamental reasons, our first ground-up development in the Chicago market is a matter of right place, right time, according to Industrial Outdoor Venture’s CEO and Founder, Tom Barbera.

Its recent acquisition of two parcels totaling 56 acres of land near the Illinois-Wisconsin border in Zion, Ill., enables the firm to move forward with the development of its Trumpet Park Spec Development, a pair of planned Industrial Service Facilities (ISFs).

Combined, the two projects could offer almost 1,200 truck trailer parking spaces, more than 26,000 square feet of maintenance and service buildings and have a construction cost in excess of $35 million, according to a company release.

“The Chicago Industrial market, stretching up to Southeast Wisconsin, is and will remain strong and has all of the characteristics that will make this well-conceived development a long-term investment,” Barbera said in prepared remarks.

Sites Are Two Miles East of I-94

IOV announced that it has closed on separate land acquisitions, with an institutional seller, including a 47-acre parcel located at the southwest corner of Green Bay Road and Russell Road and a 9-acre parcel located adjacent to the FedEx Freight Terminal west of Green Bay Road and 9th Street.

The sites are located approximately two miles east of I-94. Financial terms of the land transactions were not disclosed.

Eric Johnson, MBA, senior vice president, development & acquisitions, tells GlobeSt.com that such land sites are rare in the entitlements and zoning classification that IOV was able to accomplish.

“Very rarely in infill locations with this kind of access do you find sites fully entitled for truck and trailer parking,” Johnson said.

Zoning and Entitlement Process Took Months

To arrange the proper zoning and entitlements, IOV appeared before Zion’s Planning and Zoning Commissions and City Council numerous times, with the support of its team of engineers and consultants, to articulate its business plan,” Johnson said, in a process that lasted approximately six to seven months.

“We also conducted numerous project-specific analyses and studies which allowed us to prepare extensive reports ranging from environmental air quality, traffic impact and stormwater runoff calculations to national and local transportation/parking studies, security trends and best management practices,” he said.

Notable users, with significant warehouse, distribution and logistics operations in the area include Uline, Ta Chen, Geodis, APL, and Honeywell, among others.

Chris Volkert, Ned Frank and Jeff Devine, all members of Colliers International in Chicago, represented the institutional seller in the transactions. IOV has named Volkert, Frank and Pat Hake exclusive marketing representatives for the new ISFs.