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BOLINGBROOK, IL-McShane/MetLife Alliance, the joint venture formed by Rosemont-based McShane Corp. and MetLife Real Estate, is developing the third and final phase of Bolingbrook Corporate Center with an 185,000-sf spec facility.

Anthony J. Pricco, vice president with the project's design/build provider McShane Corp., tells GlobeSt.com that the alliance decided on a smaller structure that could house a smaller tenant. "The submarket is a little overbuilt for the bigger product," he says. "There are a lot of smaller deals getting done right now, and this location offers great access and visibility." Pricco says because the building will be located right on Interstate 55, smaller users will benefit from the "free advertising" highway visibility affords. For that reason, tenants will often pay more for that kind of space, he says. While area industrial rents range from $3.05 to $4.50, Pricco tells GlobeSt.com the asking rent for Bolingbrook Point III is in the mid-$4 range.Designed by Dobrin + Associates, Ltd., the cross-dock industrial facility will sit on a 10.6-acre site and will comprise parking with 150 car spaces and 42 trailer spaces, with room for expansion. The building will be divisible to 45,000 sf for single- or multi-tenant occupancy, and will feature 48' by 50' bays with a 60' staging bay, 30' clear heights and 20 exterior truck docks. The alliance plans to break ground on the building this month, and is anticipating a spring 2006 occupancy.

Bolingbrook Corporate Center is a 46-acre multi-building industrial development. Bolingbrook Point Three joins the 317,000-sf Bolingbrook Point One, which was purchased by NFI National Distribution Centers as the Midwest Distribution Center for the Trader Joe's Neighborhood Grocery Store chain. It will also sit adjacent to the 270,000-sf Bolingbrook Point Two, which serves as the regional distribution center for Quantum Foods, a meat processing, packaging and distribution firm.

With 53.5 million sf of inventory in Chicago's far Western suburbs, CB Richard Ellis reports that the submarket showed a 9.1% vacancy rate during the third quarter. Kirk Armour and George Maragos with CBRE are the exclusive leasing agents for the facility.

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GlobeSt.com EXCLUSIVE: McShane/MetLife Plan 185,000-SF Facility at Bolingbrook Point

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