Wood Hill Crossings Business Park is the first project to be developed by Berwind Property Group in the Chicago market. While terms were not disclosed, asking lease rates there are $4.95 per sf, which could make the value of the GKN Walterscheid nearly $4 million.
GKN Walterscheid has manufacturing, distribution and office operations in nearby Burr Ridge but needs more space.
The first phase of the new business park consists of two 140,000-sf buildings. Construction began last fall. Completion of the building that GKN Walterscheid will occupy is expected in June.
Dan Griebel and Dan Cawley of Cawley Chicago Commercial represented Davey Bridge, LLC. Richard G. Daly of Darwin Realty and Development Corp. represented GKN Walterscheid.
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