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SAUK VILLAGE, IL-DP Partners has chosen Darwin Realty & Development Corp. to serve as the listing agent for the 496,260-square-foot building it completed last summer. The $18-million distribution center was developed on nearly 27 acres in the LogistiCenter at Sauk Village. Asking lease rates for the space are around $3.95 per square foot, gross, according to Andy James, Chicago partner for Reno, NV-based DP Partners.

The building offers 32-foot clear ceilings, two drive-in doors, up to 120 truck docks, an ESFR fire-suppression system, T5 lighting, parking for 189 cars and 59 trailers and the ability to be expanded up to 1.2 million square feet.

“This is a rail-served building and it’s one of the only modern, available, brand new buildings in this area,” James tells GlobeSt.com. “It’s right off Illinois State Highway 394, which gives you great access back to the city of Chicago.”

The park offers three buildings in total, all of which were developed by DP Partners, which purchased the 325 acres in 2005. The first two buildings developed, which combined offer more than a million square feet, were sold as part of a $1.8 billion portfolio ProLogis acquired from DP Partners in July 2007.

DP Partners maintains ownership of the third and most recent building and expects to develop the park to contain 5,000,000 square feet in 10 buildings when completed. James says DP Partners will consider whether or not to sell off other buildings they develop in the park on a case-by-case basis.

The LogistiCenter is located in the south suburban Interstate 80 corridor. “We’re still seeing activity, and it doesn’t have any more or less volume than anywhere else,” James says. “However, we’ve seen more activity since mid-December than we had the prior three months.” Occupancy rates in the Interstate 80 corridor are around 82%, with asking lease rates ranging between $3 and $7 per square foot net, according to Cushman & Wakefield’s year-end industrial market report.

In total, eight brokerage firms participated in the selection process for listing agent. James says DP Partners selected Darwin for its “outstanding knowledge and proven track record” in the submarket. Darwin has closed five lease and sale transactions, representing 563,000 square feet in rail-served buildings in the Interstate 80 submarket in the last 15 months.

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