The facility is being built on a speculative basis at a timewhen most developers are only constructing build-to-suit projects."I still think there is demand in this area," John Didrickson,principal with Equibase. "We felt pretty confident." The 270,000-sfbuilding may end up being a single tenant building but is beingconstructed with the ability to house three to five tenants,Didrickson says. "We are looking at all our options," he says.
Construction is expected to begin by the end of the month and becomplete in the fall. Corum had owned the 20-acre property prior tothe two firms forming the joint venture, Didrickson says. Thebuilding will be near the Interstate 55 distribution corridor.Lease rates in that market are running at $4.17 per sf, accordingto a Grubb & Ellis market report.
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