By Keith Loria
Brennan Investment Group will develop Elk Grove Technology Park, a new 85-acre infill complex with more than 1 million square feet of industrial and data center space in Elk Grove Village, Ill.
“This is one of the last great industrial sites not only in Chicago, but probably the nation,” Michael Brennan, Brennan Investment Group’s chairman & managing principal, told Commercial Property Executive. “That’s because it’s near an airport and we can develop in scale. There’s 85 acres of continuous land.”
The project is scheduled to deliver four speculative facilities. Additionally, the development can host five buildings, including sites for data centers.
Located near the boundaries of Higgins Road on the north, Lively Road on the east, Oakton Boulevard on the south and King Street on the west, the property is just three miles from O’Hare International Airport.
“The demand for industrial space has reached unprecedented heights and that demand has been stimulated by the renaissance in American manufacturing and the need for all people that sell things to have an e-commerce capability,” Brennan said. “What tenants can enjoy is access to the airport and access to the highways that surround O’Hare.”
A business epicenter
Elk Grove Village is known as one of the top markets in the Chicago area for businesses, with more than 3,600 companies calling it home.
CBRE is handling industrial leasing of the property, with a team of Chris Zubel, John Hamilton and Jack Brennan. Todd Bateman, North American practice leader for the firm’s Data Center Solutions team, will handle data center leasing.
The most recent CBRE report revealed industrial vacancy in the O’Hare market is 2.8 percent and the Class A vacancy rate is a tad under 1 percent, so while demand is high, there’s very little new supply. Additionally, Chicago is one of the top three markets in the country for data center leasing activity and Elk Grove Village is the epicenter of this activity.
According to Brennan, the development will include numerous amenities, such as ponds, water features, sculptures, bike paths and pedestrian walkways.
“This is designed to attract the tenant of the future with great aesthetics, beautiful water treatments, and a great work atmosphere that generally is not available in industrial parks,” he said.
Video courtesy of Elk Grove Technology Park website