X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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

TINLEY PARK, IL-First Industrial Realty Trust Inc., headquartered in Chicago, is expected to close Wednesday on the purchase of 92.8 acres on Prosperi Drive near Interstate 80 and Oak Park Avenue. The site will be developed into the Tinley Park Corporate Center and will have two speculative industrial buildings. The owner of the property and the amount of the sale were not disclosed.

Plans for the property include two buildings with a total of 1.2 million sf of warehouse, office and distribution space. Construction is expected to begin this summer with occupancy next spring, says Christopher McGrath, vice president of development for the company. An estimate of the cost of the project was not disclosed.

The larger of the two buildings will have 915,643 sf with a cross-dock facility and divisible to about 228,000 sf, says Martin Edmondson, development manager for First Industrial and team leader for the project. The smaller of the two buildings will have 300,784 sf with a rear load facility and divisible to approximately 26,000 sf. There have not been any leases signed to date. McGrath would not disclose the asking lease rates.

“We continue to believe in the strong demand of the Chicago market for new additional distribution space [and], in particular, the eastern end of I-80 where we think that that part of the market is underserved in terms of quality new industrial warehouse space,” McGrath says. In addition, the site is approximately a half-mile from the interchange of I-80 and Harlem Avenue. “The entire length of the site has frontage to I-80,” Edmondson says.

The developer also owns two industrial buildings in Tinley Park, at 183rd Street and 80th Avenue, which it bought a year ago. First Industrial owns 8.5 million sf of industrial property in the Chicagoland area and 120 million sf of property across the nation, McGrath says.

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

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