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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.

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