Industrial N Illinois

Logistics Property Co. acquires large infill site in Chicago

Logistics Property Co. acquires large infill site in Chicago,ph1

Logistics Property Company, LLC (LPC) has acquired 6.4 acres of land on Chicago’s Southwest Side. Located in the McKinley Park neighborhood, one mile from I-55 and two miles from I-94, the project is only 6.5 miles from the Loop, offering true one-hour delivery to downtown Chicago.

The logistics and distribution development site, known as 3711 South Ashland Avenue, sits directly at the southeast corner of Ashland Avenue and West 37th Street. It is a large infill site in a supply constrained market. The project is in close proximity to three CTA stops, two on the Orange Line and one on the Red Line. In addition, the number nine northbound and southbound Ashland bus stops are within 200 feet of the site. The strong availability of public transportation provides local labor easy and convenient access to the site.

“We’re thrilled about having a one-hour delivery site in the city of Chicago,” said Aaron Martell, LPC’s executive vice president – Midwest region. “3711 South Ashland is a rare, large infill opportunity and we’re confident in user demand for Class A space in this location.”

LPC plans to build a 137,000-square-foot divisible, single-load building on the site. Construction is expected to commence in summer 2019 for occupancy in the first quarter of 2020. Tim McCahill, principal, Lee & Associates and Terry Grapenthin, principal, Lee & Associates are leasing the project.

“The demand for Class A infill product is extremely active and there’s very little well-located supply,” said McCahill. “With some of the best available labor and access to public transportation in the Chicagoland market, we believe the project will be ideal for a variety of users, including food processing and distribution, e-commerce, manufacturing and various others.”

LPC launched last October, targeting leading industrial markets across the U.S. with strong demographics and significant in-place infrastructure, as well as select tier-two markets with strategic growth value. This is the firm’s third active project in the Midwest after 94 Logistics Park in Kenosha, Wisconsin and LogiPark 57-80 in Country Club Hills, Illinois.