X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(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.

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. NET LEASE Spring 2021Event

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

Get More Information
 

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.