With a Cook County Class 6B incentive, property tax rates will be cut during the first 12 years of the Niles Industrial Center's existence. While that helps make the rental rates competitive, Skokie-based the Missner Group and DesMoines, IA-based Principal Financial Group are building the project, which includes warehouse and distribution slots ranging from 20,000 sf to 200,000 sf, on speculation. However, with 580 feet of frontage on Howard Street, wholesale retail operations also may co-exist with industrial users.
Missner believes his project's location makes it a good bet. Christopher Volkert, Tom Condon and Vern Schultz of Colliers Bennett & Kahnweiler have won the assignment to find tenants at the property.
"By building a 400,000-sf building in this market, we're capitalizing on an unmet market need--new, high-quality warehouse and distribution space in the near-North suburbs--while also reclaiming a previously untenable space," Missner says. "While the I-55 and I-88 corridors may be tried and true for many, we've found tremendous interest as the one-and-only truly modern, large-scale industrial facility in the Niles area."
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