CHICAGO—The industrial market in I-55 corridor has seen a spikeof speculative development, but the competition there did notdissuade Conor Commercial Real Estate, a member ofthe McShane Companies, and its partnerGallagher and Henry from launching Phase 3 at its80-acre Union Pointe industrial business park in south suburbanWoodridge. The partners plan to complete the 256,880-square-foot facilityin the second quarter of 2015.
“Due to our visibility along I-355 we felt we could extractpremium rents,” Daniel E. Fogarty Jr., vicepresident of Conor, tells GlobeSt.com, making a speculative projectfeasible. “We were originally planning to go vertical on aspeculative basis perhaps in the spring.”
But the plan was vindicated much earlier than expected when theKellogg Company signed a seven-year lease for135,213-square-feet of space in the proposed Building Three. “Welearned as we were involved in planning that Kellogg needed thespace in April 2015,” Fogarty says. “That compelled us to pick upthe pace.” The partners decided to break ground this week in orderto meet their new tenants' deadline.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
