(Read more on the industrial market.)

ST. CHARLES, IL-Paul Hemmer Cos., headquartered in Fort Mitchell, KY, has completed the first phase of the Legacy Business Center of St. Charles, on Kirk Road, one mile south of North Avenue. Five buildings with a total of 76,070 sf have been constructed, says Kevin Cavanagh, senior development manager of the real estate development group for Paul Hemmer Cos. The first phase of the project is valued at between $30 million and $35 million with the park valued at a total of about $65 million when completed, Cavanagh tells GlobeSt.com.

For the first phase of the park, five speculative buildings were constructed. Four speculative industrial buildings were built with a total of 67,547 sf. An investor based in Colorado purchased, on May 31, one of the industrial buildings, with 13,418 sf for an undisclosed price and plans to lease the building. The asking rates to purchase the industrial buildings are in the $80 to $105 per sf, Cavanagh tells GlobeSt.com. The likely asking lease rate for the building that was purchased will be between $6 and $7 per sf net, he says. An 8,523-sf speculative office building was also completed and will be sold for between $175 per sf and $200 per sf.

The second phase of the project will possibly have an additional 11 buildings constructed. Plans for the second phase will depend on what prospective buyers and tenants want. “We are getting a lot of different requests,” he says. Paul Hemmer Cos. will likely begin the second phase of the business center in a few years, he says.

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