CHICAGO—The Elgin/I-90 industrial submarket is relatively small, but it has not been left out of the recovery that has buoyed manufacturing and distribution in the Chicago metro area. As reported in GlobeSt.com, Conor Commercial Real Estate, a member of the McShane Companies, and its joint venture partner, Globe Corp. recently finished Northwest Pointe, a speculative industrial development in suburban Elgin, and now have just signed Illinois Tool Works Inc. as their first major tenant.
The 342,620-square-foot industrial facility is located at 2501 Galvin Rd. within the Northwest Corporate Park. The Glenview, IL-based ITW, which manufactures engineered fasteners and components, equipment and other specialty products, will occupy 136,972-square-feet once the developers complete the tenant improvement work currently underway and scheduled for completion in December. The firm employs nearly 51,000 and has operations in 56 countries.
The fully-customized suite will feature 32' clear height warehouse ceilings, a cross-dock distribution design utilizing 24 dock doors and two drive-in doors. The developers will complete a 6,314-square-foot office with open workstations, conference rooms and a break room for ITW staff. The property has on-site parking for 343 vehicles.
“On behalf of Conor Commercial and our long-standing partner, Globe Corp. we are pleased to welcome Illinois Tool Works to Northwest Pointe,” said Daniel E. Fogarty Jr., vice president of Conor, in a prepared statement. He was not available by press time, but GlobeSt.com will provide another update next week. “We are confident that this class A industrial property will benefit ITW by providing high-quality industrial distribution/warehouse space in this strategic location within the Northwest Corporate Park providing rapid access to the I-90 corridor.”
Investors have also begun showing interest in the submarket. Last October, for example, GlobeSt.com reported that DCT Industrial Trust Inc. had decided to greatly expand their Chicago-area portfolio by purchasing a six-building industrial portfolio with about 1.1-million-square-feet at the Fox River Business Center in Elgin.
McShane Construction and Ware Malcomb completed the design and construction of the shell building and have been selected to provide the tenant improvements for the customized tenant suite. Ryan Bain and Mike Sedjo of CBRE represented ITW in the lease transaction while exclusive marketing agents Ken Franzese and John Cassidy of Lee & Associates of Illinois represented the co-developers.
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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.
