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BOLINGBROOK, IL-Construction has completed on the speculative 72,000-sf, $7 million Crossroads Corporate Center development, which offers warehouse and office condos just off Interstate 55. The first tenant, Flow Pro, has just signed a five-year lease to take up 9,000 sf at 1000 Crossroads Pkwy., constructed by Summit Design + Build LLC, and developed by PEAK Development LLC.

The building is divisible to 3,900 sf, with plumbing, electrical systems, heating, and one private drive-in door available in each unit. The building also offers 21-foot clear height, ESFR fire sprinkler systems, two common interior truck docks, one overhead door to a common corridor for dock access, and 135 parking spots. “You have great visibility from Interstate 55, which is why we’re more unique,” says Ken Motew, managing partner of PEAK.

The building is about 13%, with asking lease rates around $6.25 per sf, triple net, or the option to buy at about $93 per sf, says Motew. He says the price to buy will escalate by about 2.5% a year. Motew says there has been interest from a medical company to purchase all of the remaining 63,000 sf.

“The goal is obviously to sell it, but the industrial market is very tough right now,” Motew tells GlobeSt.com. “When we started the project, things were selling for around $130 a foot. I don’t think anyone’s near that now, and we haven’t gotten an offer above $100 a foot. But since it’s been built, I’ve been very pleasantly surprised at the large amount of activity we’ve gotten.”

Randall Bees Architects provided architectural services on the development. David McCallum & Associates served as landscape architect and Jacob & Hefner as civil engineer. Jim Estus, of Colliers Bennett & Kahnweiler, is acting as leasing agent for the development.

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