Globe to acquire 20 acres on
which it will build a spec
ELGIN, IL – Conor Commercial Real Estate and Globe Corp. purchased 20 acres in the Northwest Corporate Park from the Busse family for an undisclosed price. Conor says in a release it plans to build a 342,620-square-foot speculative industrial facility on the site next year.
Conor, part of the McShane Cos. formed a joint venture with Globe to buy and develop the land, which will be offered for lease or purchase. Known as Northwest Pointe, the site offers direct access to Interstate 90 near Randall Road. Groundbreaking on the project is scheduled for late winter of 2013 and will be ready for occupancy by the middle of the year.
Conor, in its release, indicated a variety of reasons that made buying the property a good move, including market conditions and location. Furthermore, continued expansion in leasing activity combined with shrinking industrial inventory in the Chicago suburbs made the purchase attractive. Adding to the attraction were Elgin’s low real estate taxes and Northwest Pointe’s access to the interstate system via the Randall Road four-way interchange were additional factors in the site selection.
“We think it is a great location,” Mark A. Saturno, Conor’s CEO tells GlobeSt.com. “It’s in a proven business park.”
Kenneth P. Franzese and John T. Cassidy, principals with the Rosemont IL office of Lee & Associates represented Conor-Globe and will serve as exclusive marketing agents for the property. The team of McShane Construction Co. and Ware Malcomb is providing design and construction services.
“We remain heavily focused on the industrial market across the country and are confident that Northwest Pointe will enjoy robust interest and leasing activity as a Class A opportunity for new industrial distribution/warehouse space within the Chicago suburban market,” Saturno says.