(Read more on the industrial market.)
BENSENVILLE, IL-Washington Properties Inc., based in Northbrook,IL, and an investment vehicle managed by BlackRock Realty Investorsare partnering to develop the Ellis O'Hare Logistics Center, a205,000-sf distribution facility. The estimated cost of the projectfor the facility at 1120-1140 Ellis St. is more than $20 million,says Jeff Gumbiner, president of Washington Properties.
The partnership chose the site because it is centrally locatedand is adjacent to O'Hare International Air Port, Gumbiner says.The building, which will have 30-foot clear height and 52 truckdoors, is expected to have between one and four tenants.Construction on the building is expected to be completed in August2008, Gumbiner says. The asking lease rate is $8.95 per sf net, hesays.
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