Heitman and Ridge Property Trust, a private REIT and affiliate of affiliate of Prudential Real Estate Investors, are taking advantage of the demand for industrial space in urban in-fill locations. "Ridge had the vision to explore and invest in a largely underserved submarket with a high level of unmet tenant demand," says Cushman & Wakefield of Illinois senior director Sally Macoicz, who represented both sides of the deal with associate Joy Kolodziejczyk.
The joint venture will get help from a Cook County Class 6(b) property tax break, allowing the project to compete with newer industrial parks in outlying suburbs. "By building here, we're giving companies already in the market—as well as those interested in expanding or relocating to the Chicago area—an opportunity to occupy new construction without sacrificing their labor force," says Ridge Property Trust vice president Doug Hayes. "People still need to be near the city. And the building we're replacing has become obsolete by today's standards."
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