BENSENVILLE-Atlanta-based Seefried Properties executives say a run-up on industrial space surrounding Chicago's O'Hare Airport, combined with increased demand for air freight cargo storage facilities, encouraged the company's development of Meyer Road Business Center, a 67,230-sf building, and O'Hare Logistics Center, which will comprise two buildings totaling 188,160 sf. Both speculative buildings, which are near Chicago O'Hare International Airport, will be available for occupancy during the first quarter of 2007.
Principle Construction broke ground on Meyer Road Business Center on Sept. 15. The building, designed by Cornerstone Architects with a 28-foot clear height and 26 exterior loading docks for freight-forwarding and cargo warehousing, will be constructed on a four-acre site at Meyer Road and Leland Court. CB Richard Ellis will market the property. Seefried broke ground on O'Hare Logistics Center on Sept. 21. The 12-acre property is located at Devon and Ellis avenues.
Craig Phillips, Seefried's regional vice president for Chicago, said Seefried's core competency is developing industrial parks near airports. He told GlobeSt.com that with more freight coming in from Los Angeles and other China-shipping areas, his company is seeing a large increase in demand by international freight forwarding companies around the O'Hare area for the next few years.
Seefried says the planned $6 billion expansion of O'Hare has pushed demand, and rental rates, even higher than in past years. "The condemnation of properties forced some users to look at space requirements of where they need to be. Some of the industrial folks on the south side of the airport have already started relocation, most of them have taken up the new supply," Phillips says. "Our location is ideal for companies looking to maximize efficiency and cost-effectiveness of transporting and storing goods for distribution. We're very bullish on O'Hare."
While no contracts have been signed, Phillips says the company hopes to be 100% pre-leased by spring 2007.Seefried is currently developing a third Chicago-area industrial property, Veterans Corporate Center in Bolingbrook. The company is a full-service real estate development company focused on the Atlanta, Chicago, Washington/Dulles, Dallas/Fort Worth, Orlando, Miami and Baltimore markets.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.