(Read more on the industrial market.)

UNIVERSITY PARK, IL-TCB Development Co., based in Chicago, recently started construction on a 575,024-sf speculative distribution center at 5401 W. University Parkway. The estimated value of the project is $25 million, says Randy Tieman, executive vice president for TCB.

The building will be constructed on a 35-acre site near two different interchanges for I-57. There will be 66 exterior truck docks, 100 trailer positions and 175 automobile parking spaces. The building is expected to be available for occupancy in the fourth quarter. The asking rate for the building will be $3 per sf net, Tieman says. TCB Design Build is the design build contractor and Harris Architects is the building architect. Randy Koch, Jack Cozzie, Jeff Rosenbloom and David Drew, all with Grubb & Ellis, are the leasing agents for the building. LaSalle Bank is the lender for the project.

TCB is constructing the building as a speculative project. “Tenants want to have a building ready to go. They do not want to wait for build-to-suits,” Tieman says. An advantage to the site is that it has low taxes because it is located in a tax increment financing district, which reduces the taxes by 75%, and is located in Will County, which has lower taxes than Cook County, Tieman says.

A 150,000-sf distribution center was recently completed by TCB at 500 Crossings Dr. in the University Crossings business park in University Park. The project has an estimated value of $7.5 million, Tieman says. Omar Medical Supplies, a medical supply company, has signed a lease for 25,000 sf and “we are negotiating with a couple of other tenants,” he says. The asking lease rate for the building is $4.25 per sf net. Sally Macoicz and Walter Murphy, with Cushman & Wakefield are the exclusive leasing agents for the building. TCB also recently sold a 517,887-sf freezer/cooler distribution center at 450 Central Ave., in University Park, to Chicago-based Blue Vista Capital LLC.

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?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


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 © 2024 ALM Global, LLC. All Rights Reserved.