CRE Midwest

Panattoni completes construction on spec industrial project

Rendering_new

A joint venture between Panattoni Development Company and LaSalle Investment Management has completed the Central DuPage submarket’s only new speculative industrial building – a 139,781-square-foot facility at 201 Gary Ave., Roselle.

A joint venture between Panattoni Development Company and LaSalle Investment Management has completed the Central DuPage submarket’s only new speculative industrial building – a 139,781-square-foot facility at 201 Gary Ave., Roselle.

Ronald Behm, Jeffrey Kapcheck and Matthew Stauber, all principals with Colliers International | Chicago’s Industrial Advisory Group, are leasing the property on behalf of Panattoni.

The building is located in Turnberry Lakes Business Park in Roselle, within walking distance to Metra rail station and featuring Elgin O'Hare and Gary Avenue access.  It is the third building in a five-building development plan.  The 139,781-square-foot building can be divided to 30,000 square feet and has 18 docks (expandable to 36), two drive-in doors, 112-car parking, 30-foot clear ceiling height and ESFR sprinklers.  The remaining two buildings (152,243 square feet and 154,110 square feet) are being offered on a build-to-suit basis.  The same Colliers team successfully leased the first two Turnberry speculative buildings, which were about 140,000 square feet each.

There are seven speculative projects underway in the Chicago metropolitan area totaling 2.4 million square feet.  201 Gary Ave. is the Central DuPage market’s only available new construction speculative project.

“We feel this represents a great opportunity to construct a facility in a size range that is actually in demand,” said John Pagliari, partner with Panattoni.  “This building is in a ‘feeder’ location with low taxes, which is a great opportunity for tenants in both the Central DuPage and O’Hare submarkets,” he added.