Logistics Property Set to Begin New Spec Project After Land Buy
Construction will commence immediately on the speculative project with delivery expected in the second quarter of 2020. LPC is constructing two high p facilities totaling 274,855 square feet.
ADDISON, IL—Logistics Property Company, LLC of Chicago has acquired one of the last remaining in-fill sites in Northeast DuPage County and plans to begin construction immediately on two new buildings at the more than 15-acre parcel.
The Swift & Lake property, which sits on the southeast corner of Swift Road and Lake Street, is located only 25 miles northwest of Downtown Chicago. The project is a quarter-mile from the I-355 four-way interchange, 1.5 miles from I-290, eight miles from I-294 and seven miles from O’Hare International Airport.
“Large Class A infill properties are a scarcity in DuPage County—even more so in a location this strategic,” says Aaron Martell, LPC’s EVP – Midwest Region.
Construction will commence immediately on the speculative project with delivery expected in the second quarter of 2020. LPC is constructing two high p facilities totaling 274,855 square feet. The firm states that the new buildings will likely draw tenants from O’Hare and other areas of Cook and Northeast DuPage counties. Doug Pilcher, director of brokerage services at Cushman & Wakefield is leasing the project.
No costs for the development or land acquisition were released.
“The 15-acre site at Swift & Lake is one of the last remaining in-fill locations in Northeast DuPage County, a submarket that’s currently at 3.1% vacancy, the lowest rate ever recorded,” Pilcher says. “There has not been an industrial speculative development in Addison for over 10 years, primarily because you can’t find the land.”
Swift & Lake is LPC’s sixth active project in the Midwest with 94 Logistics Park in Kenosha, WI; LogiPark 57-80 in Country Club Hills, IL; Brewster Creek Logistics Park in Bartlett, IL 3711 South Ashland Avenue in Chicago and 550 Center Avenue, Carol Stream, IL.
LPC reports it expects to close on additional properties in Pennsylvania, Texas, the Midwest and the Pacific Northwest in the near term, as part of a development pipeline of approximately 20 million square feet. The company is targeting leading industrial markets across the U.S. with strong population demographics and significant in-place infrastructure.
The company currently manages properties in key logistics markets including Dallas, Houston, Chicago and Seattle-Tacoma with an estimated end-value of more than $1.25 billion. LPC also has offices in Atlanta, Dallas, Houston, Los Angeles and Seattle with office openings slated for Philadelphia and Miami.