CHICAGO—The metro area’s industrial economy in general, and the suburban submarkets in particular, keep making steady progress toward recovery. The McShane Construction Co., for example, just completed construction for a new 165,230-square-foot, regional headquarters and logistics center for Golden State Foods. The build-to-suit is located at 8901 W. 47th Street in suburban McCook, along the municipality’s well-traveled transportation corridor.
The Rosemont, IL-based McShane included a 32,338-square-foot office and a 124,353-square-foot warehouse and distribution area with 40′ clear height, 52 external docks and 56,448-square-feet of dry storage space in the two-story building. It also has LEED-Gold certification.
The building is just the latest project in the neighborhood. Premier Design + Build Group, LLC, has been hired to start the design-build process on a speculative project for Bridge Development Partners, LLC and Akard Street Partners, LP just down the street at 8401 W. 47th St. The Itasca, IL-based Premier recently completed an institutional grade build-to-suit just next-door for the same developers. That 365,400-square-foot build-to-suit was recently occupied by Freeman Decorating. And DP Partners has already begun construction at LogisticCenter McCook that will add 662,700-square-feet of speculative space to I-290 South’s industrial inventory, according to Colliers.
Furthermore, the vacancy rate in the I-290 submarket “dropped dramatically from the first quarter level of 7.0% to 5.32% – a stunning 168 bps decline and the most of any Chicago area market,” according to Colliers’ second quarter report. “This was largely due to extremely strong second quarter sale volume.”
Trevor Ragsdale, managing director and head of industrial brokerage – Chicago and Kris Bjorson, international director, of JLL represented Golden State Foods in the site acquisition and build-to-suit transaction. Rick Steger, senior vice president, and Bradley A. Wood, vice president of the project and development services group, also of JLL, provided the construction management services for the facility. Ware Malcomb served as project architect.