Industrial N Illinois

Lee & Associates closes on 19.7 acre land sale

Lee & Associates closes on 19.7 acre land sale,ph01

Lee & Associates has closed a sale transaction for a 19.7 acre land site located at 3507 W. 51st Street in Chicago, IL, on behalf of national industrial developer, Conor Commercial Real Estate.

Walter Murphy, listing broker and principal of Lee & Associates’ Illinois office, negotiated the sale on behalf of Grand Trunk Western Railroad Company to Conor Commercial Real Estate. “We feel the demand for last mile, ecommerce and infill inventory is strong and could escalate in Chicago,” Murphy said.

Conor Commercial will be breaking ground in April 2018 on a 316,550-square-foot, state-of-the-art spec facility featuring 36-foot clear height, 55 truck docks, 71 trailer stalls and 50’ x 52’ bays. The project is already approved for the Class 6b tax incentive. Divisible to 50,000 square feet, the facility offers logistical advantages with its close proximity to I-55 and the CTA Orange Line within the South City submarket.

“We are excited for the opportunity to transform this underutilized infill parcel into a highly-functional Class A industrial property, providing convenient transportation access and the flexibility to accommodate an array of industrial users, including ecommerce and last mile providers,” said Brian Quigley, executive vice president of Conor Commercial Real Estate.