Maxzone Opts for 223,000-SF Build-to-Suit

WEST DUNDEE, IL-Following a regional search for likely expansion options, Maxzone Vehicle Lighting Corp. decided on a 223,488-square-foot industrial build-to-suit to be situated on 11.3 acres in the Oakview Corporate Park. The auto light manufacturer and distributor awarded the construction contract to Opus Development Corp., which plans to have the project shell-completed by the end of the year and Maxzone taking ownership of the building by the end of Q2 2013.

According to Opus Development vice president of real estate development Mike Yungerman, construction will begin on the facility, to be located at 1201 Wesemann Dr., within the next week to 10 days. The industrial property will include 20 truck docks, ample parking and 3,000 square feet of office space.  The factor behind the speedy construction involves pad-ready sites and prepared infrastructure as well as use of pre-cast building materials.  

Maxzone already owns facilities in Southern California and Atlanta, GA, and has been leasing in the Chicago area for many years. Yungerman says the company currently leases 125,000 square feet at 2790 Spectrum Dr., not too far from Oakview Corporate Park. The location was one reason why Maxzone opted for the build-to-suit. "They did consider leasing if they could find the right building," Yungerman tells GlobeSt.com. "But Oakview's proximity to the existing plant, keeping the existing employees happy and knowing that this distribution model worked where they were led them to a build-to-suit. We were willing to sell them the land and design and build it for them."

Eric Chang with US Asia Investment Group represented Maxzone in the transaction, while Noel Liston from Darwin Reality and Development Corp. represented The Opus Group. Opus AE Group is the project's architect of record.

The commercial real estate transaction represents one of the largest build-to-suits in the region. Yungerman says that Home Depot has initiated some build-to-suits and, while eastern DuPage County has seen a handful of build-to-suits completed, those projects are more the exception than the rule.  Though Colliers International's Q2 industrial market outlook for the Chicago area reports approximately 3.8 million square feet under construction, Yungerman notes that a large chunk of that – approximately one million square feet – is being built by Home Depot, with DCT Industrial going north on 600,000 square feet of speculative space. Otherwise, "most of the Chicago submarkets don't have any construction underway, including the Elgin market," he comments.