Logistics Property Co. has bought a virtually 6-acre web site in Elk Grove Village, Ailing., with plans to start out development on an industrial improvement in Might. The location is simply west of Chicago O’Hare Worldwide Airport and traded for $10.5 million, in accordance with DuPage County public data. The acquisition was organized in-house, with assist from Cresa.
The corporate plans to develop a 123,000-square-foot rear-load industrial facility, located at 2700 York Street. Completion is estimated for the second quarter of 2026. The event staff consists of Jacob & Hefner Associates as civil engineers.
The upcoming industrial property will characteristic 16 dock doorways, two drive-in doorways and 124 automobile parking spots. The location supplies fast entry to interstates 390, 294 and 90.
Logistics Property Co.’s staff of Govt Vice President Aaron Martell and Vice President Ben Fish labored on the land acquisition, with the help of Cresa Managing Principal Ed Lowenbaum.
Current initiatives added to Chicago’s pipeline
As of January, Midwestern industrial markets recorded elevated development exercise in comparison with one 12 months prior, in accordance with a current CommercialEdge report. Regardless of present industrial actual property traits reflecting sluggish improvement exercise, notable markets on this area positioned within the prime metros by sq. toes underway. Chicago’s industrial pipeline included 5.8 million sq. toes as of January—the third-largest pipeline within the Midwest.
Current developments within the metro embrace Eli Lilly and Co.’s new manufacturing facility in Nice Prairie, Wis. The corporate acquired the ability in April final 12 months and plans a $3 billion funding to increase its operations, with development anticipated to start out this 12 months.
In November 2024, Trammell Crow Co. commenced development on the primary constructing at Plainfield Enterprise Middle, in Plainfield, Ailing. The 788,000-square-foot warehouse will come on-line by fall this 12 months, whereas the economic campus total is about to incorporate greater than 8 million sq. toes.
