X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the industrial market, click here.)

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.