AURORA, IL-Indianapolis-based Duke Realty Corp. has acquired 258 acres at the northwest corner of Interstate 88 and Route 59 here and in Warrenville for development of the Butterfield East business park. The park will accommodate more than three million sf of industrial space, and Duke is developing a master plan for up to eight buildings.
It will begin with a 540,000-sf spec building, which Andy James, SVP of Duke's Chicago industrial group, tells GlobeSt.com will get under way in spring 2007. He says full build-out of the park is expected within three to five years. "When the Eola Road interchange is completed, the park will have the best access and exposure in the I-88 corridor," he says. "The park is ideally suited for build-to-suits," and he anticipates it will contain a combination of build-to-suits and multi-tenant facilities.
He declined to disclose the price paid for the land or an estimated construction cost. According to published reports, the aggregate cost of the land was $40 million, or just north of $155,000 an acre. GlobeSt.com previously reported estimated hard construction costs for development of Liberty Business Park, under way here by Malvern, PA-based Liberty Property Trust, at about $50 per sf. Asked if that resembled a ballpark figure for the Butterfield East project, James says, "I can't comment on costs."
Greg Pacelli and Mark Dolemba of Chicago-based Colliers Bennett & Kahnweiler represented the unidentified private seller of the land. Duke has assigned leasing of the park to David Bercu and Lynn Reich of Colliers B&K.
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