"The draw is that it's at Route 31 and Interstate 90 so there's very easy access to the expressway," says Bruce Granger, Grubb & Ellis Industrial Group SVP, who has represented Shorewood in the development. "It's really the last piece of land in the northwest corner of Route 31 and Interstate 90."

Shorewood's development of the park has included the construction on Scottsdale Court, as well as the construction of two 38,000-square-foot buildings and a 50,000-square-foot facility.

The final piece of the development came in the recently secured agreement with Northgate Technology Inc. to construct a 34,000-square-foot build-to-suit. The medical technology company will expand to the new building when it is completed in June from its current location in 14,500 square feet of space at 600 Church Rd. in Elgin. Other users in the development include Owens Corning, Park Supply, ID Graphics, MPR Precision Molding Specialists and Argos Technologies, Inc.

Average occupancy rates in the Elgin area are around 91%, with asking lease rates ranging from $4 to $5 per square foot net, according to the Cushman & Wakefield year-end market report.

"The industrial market has been slow and we've seen a rise in vacancy rates, however there's been a flurry of activity in the first quarter, when there's probably been 400,000 square feet absorbed in Elgin in the last 60 days," Granger tells GlobeSt.com. "Some of the users have been distribution and so people there are looking for functional property located close to the expressway. That's been a driving factor and there's been some good economic deals put together."

Instant Insights /

Shorewood Completes 160,000-SF Industrial Development

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