(Read more on the industrial market.)

CAROL STREAM, IL-Wrightwood Capital, in a joint venture with Chicago-based Missner Group, is developing a distribution building at 417 & 418 Village Dr. and a distribution facility at 221 Westgate Dr. The two buildings are being developed for Wrightwood Capital’s third industrial fund. Timothy Walsh, Wrightwood Capital’s industrial fund management senior director, says the fund has $51 million in equity and is expected to have a total value of about $175 million. He says he can’t comment on the cost of construction.

On Village Drive, a building with more than 93,000 sf is planned for a 4.6-acre parcel. The building will have 28-foot clear heights, 10 exterior loading docks and 5% office space. On Westgate Drive, an 80,000-sf building will be constructed on a four-acre parcel. The building on Westgate Drive will have 24-foot clear heights and eight interior loading docks. Both buildings are being constructed on a speculative basis. The asking lease rate for the buildings is $5.95 per sf net, but the buildings will be available to buy as well, Walsh says.

Carter Andrus and David Bercu, both with Colliers Bennett & Kahnweiler, are marketing the building on Village Drive. Andy Corken with CB Richard Ellis is marketing the building on Westgate Drive.

The properties are located near the Elgin-O’Hare Expressway and Interstate 355. “Carol Stream is an excellent infill location,” Walsh says. “Institutional investors and tenants have a large appetite for product there.” Wrightwood chose to do the joint venture with Missner Group because Wrightwood has lent funds before to Missner and they are an experienced developer, he says.

Wrightwood has had funds for about the past 10 years and started the third industrial fund in 2006, Walsh says. The fund has a geographical focus of the Chicagoland and Milwaukee area, he says. Wrightwood has acquired or is developing a total of 15 assets and currently has two million sf in acquisitions and development for the fund. Some of the acquired properties are in Schaumburg, IL; Pleasant Prairie, WI; and Broadview, IL in addition to a joint venture development in Aurora, IL. All of the acquired properties are fully leased, Walsh says. Tenants in the buildings include Home Depot in Bensenville, IL; RR Donnelly in Milwaukee and OmniCare in Milwaukee. Last month, Wrightwood acquired a 19,500-sf building at 616 Heathrow Dr. in Lincolnshire, IL, which had an asking price of $3.5 million, according to a press release from CB Richard Ellis, which represented the seller. The fund is currently about 75% committed, Walsh says.

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