X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WEST DUNDEE, IL-Construction is under way on two buildings at the Oakview Corporate Park, near Interstate 90 and Randall Road. The industrial park, being developed by Rosemont-based Opus North Corp, is expected to have a total of 1.2 million sf in eight to 10 buildings on 120 acres.

Construction started about a week ago on the Leafs Ice Centre at the corner of Higgins Road and Wesemann Drive. The Leafs Hockey Club, which has approximately 650 skaters, is expected to move into the new building on Sept. 1. The 105,000-sf building will have three ice rinks, a pro shop, party rooms, concessions and parking for 350 cars. The hockey club raised $20 million for the project, which will pay for the cost of the land, the estimated $14 million for the cost of the building and a couple of years of debt service, says Mike Yungerman, project manager and senior real estate director at Opus North. The building is designed by Economou Partners. Don LaPato, with Club-Sports Consulting Group, and Sam Badger, with Paine/Wetzel-Oncor International, represented the Leafs Hockey Club and Noel Liston, with Darwin Realty, represented Opus in the transaction.

Construction also began about two months ago on a 154,000-sf speculative building. “Activity has been promising but we have no leases signed yet,” he says. The asking lease rate is $5.75 per sf net on a divided basis, Yungerman tells GlobeSt.com. The building should be completed in June. Noel Liston and Rick Daly, with Darwin Realty, will be the listing agents. Yungerman would not disclose an estimated cost for the building. The speculative building is being designed by Opus Architects & Engineers.

The portion of the site fronting Higgins Road will be marketed as retail. An approximate 20,000-sf restaurant is expected to be constructed on a 1.5-acre site and approximately 35,000 sf to 40,000 sf of retail is expected to be constructed on a 2.5-acre site, he says. Yungerman would not disclose possible asking lease rates for the retail.

Opus acquired the land in July 2006 for an undisclosed price. The park should be attractive for businesses currently located near the O’Hare Airport because “their rents are going up through the roof” and “entrepreneurial business owners live in Schaumburg, Barrington or the northwest suburbs,” Yungerman says. “We are just getting ahead of that path of progress. We are seeing a lot of growth in the Elgin market.”

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
  • 3 free articles* across the ALM subscription network every 30 days
  • 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 © 2020 ALM Media Properties, LLC. All Rights Reserved.