CRE Midwest

9 industrial projects delivering in 2015

From Libertyville, Illinois, all the way up to Southeast Wisconsin, there has been a blazing hot construction craze since early 2014! According to industrial expert Grady Hamilton at Trammell Crow Company, the total square feet of projects coming out of the ground this year is over 15 million square feet--which I'm sure will be discussed at Chicago Industrial Properties' 12th Annual CIP Industrial Summit April 7th!

From Libertyville, Illinois, all the way up to Southeast Wisconsin, there has been a blazing hot construction craze since early 2014!  According to industrial expert, Grady Hamilton at Trammell Crow Company, the total square feet of projects coming out of the ground this year is over 15 million square feet--which I'm sure will be discussed at Chicago Industrial Properties' 12th Annual CIP Industrial Summit April 7th! Here are 9 notable projects coming out of the pipeline in 2015, with updates on how construction is going. Let's take a look:

1. Michelin's 1.7M SF in RidgePort

Construction began last summer for one of the largest industrial projects to break ground in the United States in 2014. Tire manufacturer, Michelin, entered a build-to-suit agreement to lease 1.7 million square feet of distribution space to be constructed in three buildings on 140 acres at the Ridgeport Logistics Center in Wilmington, Illinois, approximately 40 miles southwest of Chicago. Expected completion of the project is July 2015.

“Michelin is just passing the 50  percent complete mark," said  Jim Martell, President of Ridge Development. "Weather has not been the best for construction over the last eight months, so we are a bit behind, but working hard to make up the time lost. We have broken ground on our 1.1mm square feet spec building, which as in this case we have an anchor tenant for about 300,000 square feet. The building is rail served across the north end of the building, leaving the east and west sides for truck courts. It’s a unique building in that you can have rail serve, and be a cross dock, at the same time. Also we are starting a 111, 000 square feet freezer building that will be rail served as well. There's nothing but good  things at RidgePort!”

2. CenterPoint's 931K SF spec buildings in Lakeview Corporate Park

ULINE and Spec Developments LakeView_2014Last fall, CenterPoint announced 931,000 SF of new development at LakeView Corporate Park for two neighboring industrial facilities. The first of the two facilities is a 521,000 SF built-to-suit for ULINE Shipping Supply Specialists, which is being constructed adjacent to a 410,000 SF speculative building; both have an expected construction completion date of spring 2015.

"CenterPoint is nearing development completion – expected early 2015 – on a 512,000 SF build-to-suit facility for ULINE and an available 410,000 SF spec facility at the LakeView Corporate Park,” said Ed Harrington, Senior Vice President, Development of CenterPoint. “The walls are up and roofs are in progress at both buildings; both are key developments in the market, which is experiencing a remarkable 2.5 percent vacancy rate.”

3. LogistiCenter McCook- 665,549K SF

Located just three miles from the I-294 and I-55 interchange, LogistiCenter McCook is a state-of-the-art Industrial Park that features two facilities. United Construction Midwest, the design builder, partnered with the customer throughout construction, design, and property due diligence, to create a flexible multi-tenant design, and maintain the nine month project schedule despite weather challenges. A few of the project highlights include zoned heat and smoke controls, 32′ clear height, and optimized accessibility with a shared truck court featuring 82 trailer stalls. Building one is complete, building two's completion date is spring 2015.

"United Construction Midwest worked closely with the developer (Dermody Properties) to design and build two buildings of superior quality and maximum flexibility in terms of leasing. We became part of Dermody’s team early in the planning stages and acted as their advocate throughout due diligence, design, and construction of the project. The result is a great project that the entire team is proud of."--Paul Laird, Vice President-Midwest, United Construction Company

4. ACC Logistics Center- 454K SF

IDI Gazeley began development of Antioch Corporate Center’s Building A in the Village of Antioch, Lake County, Ill in 2014. The 454,276 square-foot building is the first in the planned 1.3 million square foot development. Building A will feature 36 foot clear height, 48’ x 60’ bays and Leadership in Energy and Environmental Design (LEED) accreditation. The park is located on Route 173, approximately one and a half miles west of Interstate 94 and one half mile east of Route 45. Construction is expected to be completed early this year.

“Construction on ACC Logistics Center has certainly been affected by this year’s harsh winter, but construction is progressing well. We are on track to deliver in May or June of this year.”--Jeff Lanaghan, VP of Leasing and Development- Chicago, IDI Gazeley

5. Bridge Point 94

PREMIER Design + Build Group, LLC broke ground in December on behalf of Bridge Development Partners, LLC for Bridge Point 94 in Libertyville, IL. Bridge Point 94 will consist of two speculative warehouses located in Lake County; Building A will span 185,670 square feet, Building B 220,542 square feet. Both speculative warehouses will be built with load-bearing pre-cast wall panels and have 56 exterior dock positions. The two facilities will also feature a concrete parking lot with 536 stalls. Anticipated completion of the project is the second quarter of 2015.

"We are very encouraged by the growth and activity in the Lake County area and are excited to have the opportunity to work on this challenging infill site." - Mark Melone, Project Manager, PREMIER Design + Build Group, LLC

6. Duke's 324K SF spec in I-55 submarket

Duke Realty is building a new 324,115-square-foot building in Romeoville on the east side of I-55 near Crossroads Business Park and Park 55. The speculatively developed building is being constructed on an 18.1 acre site at 1341 Enterprise Drive. The new facility will have 32' clear height, 52' x 60' bay spacing with 52' x 47' spacing at the docks, 243 car parking spaces, 32 trailer staging spaces and up to 94 potential docks with 48 – 9' x 10' dock doors in place. Completion is expected early spring 2015.

“Romeoville is one of the most desirable regional distribution submarkets in the Midwest because of its location along the I-55 corridor, proximity to I-80 and access to a strong labor pool and large consumer base,” said Ryan O’Leary, Senior Vice President of Duke Realty’s Chicago operations. “With this new 324,115-square-foot facility, we will be well-positioned to respond to companies looking for first-generation, state-of-the-art bulk warehouse space in this dynamic industrial hub.”

7. Conor Commercial's 256K SF spec in Union Pointe Business Park

Conor Commercial’s 256,880 SF industrial spec building at Union Pointe in Woodridge, Illinois is well underway. The three building, multi-tenant industrial facility is scheduled for completion during the second quarter of 2015.

Conor Commercial’s Vice President, Dan Fogarty, remarked, “Our design/builder, McShane Construction Company, accelerated construction throughout the schedule and will complete the building for Kellogg’s occupancy one month ahead of the targeted date of April 1, 2015. Conor Commercial’s development and construction team is pleased to provide this premier tenant with an earlier than anticipated move-in date that allows for an even smoother transition to achieve their operational efficiency goals.”

8. Liberty Property Trust's 235K SF spec in Des Plaines

Liberty Property Trust broke ground last fall on a 236,000 square foot Class A distribution facility at 333 Howard Avenue in Des Plaines, IL. The building at 333 Howard Avenue is situated in a prime location less than one mile from the airport’s north cargo entrance. LPT noted a unique feature of the new development is the considerable parking capacity. This includes room to park 389 cars, or 51 trailers, on site, in addition to the 283 spaces around the building perimeter.

"There has been a lot of work happening behind the curtain the past two months. While the cold and the snow temporarily slowed our foundation work and wall delivery, the liming of the building pad this fall allowed us to make progress despite the weather. The walls are going up rapidly and the steel will follow quickly behind. We are on schedule for a late spring delivery."--Neal Driscoll, Vice President, Leasing and Development, Liberty Property Trust

9. DCT O'Hare Logistics Center- 112K SF

Morgan / Harbour Construction was recently selected to construct a new speculative industrial facility on behalf of DCT Industrial, in Elk Grove Village, Illinois. Morgan / Harbour is constructing DCT O’Hare Logistics Center, located at 2200 Arthur Avenue, a new 112,862 square foot warehouse shell facility. Situated on 6.9 acres, the new cross docked facility is located between Route 83 and Elmhurst Road and minutes from O’Hare International Airport. The new 32’ clear height facility will feature 38 exterior dock positions and 40 dedicated trailer stalls in a fully-secured truck court. The facility is scheduled for completion in the third quarter of 2015.

Morgan/Harbour's EVP and Partner, Ben Warriner, remarked, “The previous building that sat on the site was demolished in December and early January to make way for this new development. Our goal from the beginning has been to set ourselves up to commence with construction activities as soon as the weather allows this spring. We are in the process of securing the necessary permits and have precast and steel orders already secured to meet the overall project schedule.”