CHICAGO—The metro area’s industrial economy in general, and the south suburban submarket in particular, keeps making progress on the road to recovery. Premier Design + Build Group, LLC, for example, will soon begin the design-build process on a speculative project for Bridge Development Partners, LLC and Akard Street Partners, LP at 8401W. 47th St. in suburban McCook. The Itasca-based Premier recently completed an institutional grade build-to-suit just next-door for the same developers.
It is a promising time to begin a new development project. The recently completed Bridge/Akard project, at 8201 W. 47th St., was a 365,400-square-foot build-to-suit that was just occupied by Freeman Decorating. Furthermore, the vacancy rate in the I-290 submarket “dropped dramatically from the first quarter level of 7.0% to 5.32% – a stunning 168 bps decline and the most of any Chicago area market,” according to Colliers’ second quarter report. “This was largely due to extremely strong second quarter sale volume.”
And in addition to the new construction for Freeman, Golden State Foods moved into a 152,700-square-foot build-to-suit just down the street at 8901W. 47th St. and this new spec is not the only one in McCook. DP Partners has already begun construction at LogisticCenter McCook that will add 662,700-square-feet of speculative space to I-290 South’s industrial inventory, according to Colliers.
The new 14-acre site for Bridge and Akard will have relatively quick access to I-290, I-55 and I-294. Distributors, manufacturers and freight forwarders could take up space in the newest project, which can house up to four tenants. The new facility will contain 34 exterior truck docks and four drive-in doors. Building envelope materials will include insulated load-bearing precast wall panels, a 45-mil fully ballasted EPDM roofing system and glass and glazing at the office entryway. Users will have a 32′ clear height, and an ESFR sprinkler system.
The builders will install a new asphalt parking lot with 11 trailer and 219 car stalls. They anticipate completing the project in the first quarter of 2015.
Jeremy Jelonek with Premier is the project manager and Scott Lebak is field superintendent. Cornerstone Architects are delivering architectural services. Manhard Consulting, Ltd. is the civil engineer. The project is being financed by the PrivateBank and Associated Bank and Vern Schultz and Tom Condon of Colliers are the brokers for the facility.