CHICAGO—Industrial users throughout the Chicago metro area are clamoring for space, and even smaller submarkets like North DuPage County will soon see new construction. Ridge Development Co. recently closed on a 14-acre site within Brewster Creek Business Park in suburban Bartlett, and plans a 271,200-square-foot industrial spec development. The company has appointed Newmark Grubb Knight Frank as the exclusive leasing agent for the project. “This market has tightened considerably,” NGKF's senior managing director Adam Marshall tells GlobeSt.com. “The vacancy rate recently hit 5.7%, the lowest rate recorded in the past 10 years. If you are looking for more than 250,000-square-feet there are only two existing buildings that are somewhat modern, and one of those is about 15 years old and has a lower ceiling height.” The project is located within Brewster Creek, a 670-acre mixed-use business park. Tenants will enjoy many local amenities in Bartlett including restaurants, day care facilities, gas stations, banks, a Metra station, forest preserves and golf courses. Elgin Community College is also located nearby, which provides workforce recruitment and custom training services with grant support from the Department of Commerce and Economic Opportunity. Ridge plans to complete the building by September. It will feature 32' clear ceilings, 36 exterior docks and four drive-in doors. Once complete, the developer could divide the building into spaces as small as 67,800 square feet. Along with Marshall, executive managing director Brian Carroll and director Mark Deady will lead the brokerage team. “The Ridge Brewster Creek development is the ideal size and location to satisfy current demand in this submarket,” Marshall adds. He points out that the new I-390 expressway will be completed next year and connect this region to I-290/I-355 and O'Hare International Airport.“It's going to be a quick drive.” Marshall also says that developers looking at this portion of DuPage were heartened by Panattoni's recent sale of its Turnberry Lakes development. “It sold at a 4.9% cap rate. That is an amazing rate and it proves that there is high demand from institutional investors for properties in North DuPage.”
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