X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LOCKPORT, IL-ML Realty Partners LLC, based in Itasca, IL, is planning a 228-acre industrial park at the 143rd Street interchange for Interstate 355. The estimated cost for Heritage Crossing Corporate Center, when completed, is approximately $200 million, says Mike Luecht, president and CEO of ML Realty Partners. The business park is expected to have a total of 2.6 million sf of industrial space when fully built-out.

The park is bounded by I-355, 143rd Street, 151st Street and Lemont Road. Heritage is expected to have a total of 12 buildings ranging in size from 65,000 sf to 485,000 sf. Construction is expected to begin shortly on two of the buildings, both of which are being constructed on a speculative basis, Luecht says. “Even though there is an apparent reduction in industrial demand, the good news is in this cycle that there was not too much supply in this submarket,” he says.

ML Realty was attracted to the site because of its location next to the recently completed I-355 extension, Luecht says. “The new I-355 will be a major driver in the economy of the next 20 years much like the first leg of I-355 was for DuPage County during the last 20-plus years,” he says. The park is at an interchange for I-355, making the park a short drive from both I-55 and I-80. The park is also located in Will County, which historically has lower taxes than neighboring Cook County.

A 485,000-sf building will be constructed on an approximate 22.6-acre site on Gougar Road. The building will be visible from I-355. The building will have 30-foot clear height and will be divisible to 121,250 sf. The property will have parking for 40 trailers, which is expandable, and for 327 automobiles. A 65,975-sf building, at 147th Street and Lemont Road, will be constructed on a 4.9-acre site. The building, which will be divisible to 16,494 sf, will have 30-foot clear height and 12 loading docks, which is expandable. The property will have parking for six trailers and 101 automobiles. Daniel Leahy and Mark Moran, both EVPs with NAI Hiffman, are the agents for Heritage Crossing Corporate Center.

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. NET LEASE Awards 2020Event

These awards honor the industry's most influential and 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 © 2020 ALM Media Properties, LLC. All Rights Reserved.