CHICAGO-In phase two of the development discussed below, Bridge Development Partners plans to break ground in early 4th quarter 2013 on a 226,000-square-foot speculative industrial facility that will occupy an additional 15 acres. The new building will be divisible to 50,000-square-feet. Bridge has retained Schultz and Condon to serve as exclusive leasing agents for the project. Bridge hopes to complete this project by summer 2014.
This facility will also be designed by Itasca, IL-based Cornerstone Architects Ltd. and constructed by Des Plaines, IL-based Premier Design + Build Group, LLC.
The original story appears below:
CHICAGO—The Freeman Co. has decided to move their Chicago operations from an old building on the West Side to a new build-to-suit facility that will soon begin rising in Western Cook County, another sign that the metropolitan area’s industrial market continues its revival. The producer of the majority of the largest US trade shows, the Dallas-based Freeman has signed a 15-year net lease for a 365,359-square-foot distribution building on about 25 acres at 8201 W. 47th St., in McCook, a town with few residents but a lot of heavy industry.
“It shows that the market is coming back,” says Jerry Sullivan, a principal of Paine/Wetzel TCN Worldwide who, along with Principal Ed Wabick and Tom Sutherland of CASE Commercial Real Estate Partners in Dallas, represented Freeman in the lease and build-to-suit transaction. Vern Schultz and Tom Condon of Colliers International represented the building owner. The financial details of the deal were not released. “A build-to-suit of this size, along with all the speculative construction going on; it’s the most activity we’ve seen in a long time. That’s the most exciting thing to me.”
Bridge Development Partners, in a partnership with Akard Street Partners, an investment partnership operated by Dallas-based Hunt Realty Investments, Inc., will develop and own the building. Cornerstone Architects Ltd. will provide architectural services and Premier Design + Build Group, LLC will soon break ground and hopes to complete the project by May 2014. The building will feature 30′ clear heights, 50 docks along with ample car and truck parking and trailer storage.
“If they were going to move, they had to have that,” says Sullivan. And “after an extensive search of the market, it became clear that McCook provided an excellent location for Freeman to serve the entire Chicagoland area,” he adds. The company also has another existing facility in McCook, providing “a lot of synergy to servicing their clients.”
“This seems to be a strong sector of the economy now; and that’s great for all of us.”