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Wharton Industrial and Walton Street plan to invest upwards of $10 million to completely transform the site, which it will rebrand as "SoPhi (pronounced, Sōfee) Logistics Center."
Cboe, one of the world's largest exchange holding companies, also plans to build a new trading floor and office space at 141 W. Jackson Blvd. totaling another 40,000 square feet and have operations begin there in 2021.
The significant leasing activity comes amid an ongoing capital campaign at the two-building 600,000-square-foot office complex at 201/301 Route 17 North in Rutherford.
Since 2010, Amazon has invested more than $4.4 billion in the State of Illinois, including building customer fulfillment and cloud infrastructure, research facilities and compensation to employees.
Avison Young notes that the top industrial markets expected to continue to perform well into 2020 will be: California's Inland Empire, Dallas, New Jersey/New York City, Seattle, Chicago, and Miami, among others.
A hub of international business activity, Chicago is home to more than 1,800 foreign-based companies, accounting for more than $140 billion in foreign direct investment.
The less than one-acre site at 6747 Collins Ave. was the last undeveloped beachfront lot in North Beach, located between the Deauville Beach Resort and Sterling Condominium buildings.
The Wells-Wentworth Connector is part of the first phase of development at The 78, which is bordered by Roosevelt Road, Clark Street, 15th Street and the Chicago River. The 78 could at full build-out include a total of 13 million square feet of mixed-use space.