PrimeSource Opens 1 MSF Chicago Warehouse
This facility is the newest in a 2,500-acre master-planned industrial park.
PrimeSource subsidiary Wolf Home Products has opened a 1 million-square-foot warehouse and distribution center at Elion Logistics Park 55, the 2,500-acre master-planned development in Wilmington, Ill. The facility will be fully operational in January of 2024.
Wolf fully occupies the park’s Building VI, the latest delivery in the second phase of the industrial campus that will include 20 million square feet of logistics and distribution facilities at full build-out. The development is a joint venture between Elion Partners and Brookfield Asset Management, which recapitalized the project in 2021 as part of a $1 billion investment.
The master plan also calls for the construction of an additional 60 acres of dining, retail and hospitality space. Presently, 12 buildings ranging from 50,000 to 1.7 million square feet have been completed within the park, alongside a travel plaza that includes dining, shopping and vehicle services. Current tenants at Elion Logistics Park 55 also include Amazon, Post, Lineage, Michelin and General Mills.
PrimeSource leased Building VI last October; CBRE Executive Vice President Jeffrey Kapcheck and Senior Vice President Jason Lev represented the landlord in the deal. Elion had tapped the brokerage firm to oversee leasing at the property in 2019.
Completed in 2022 at 30350 S. Graaskamp Blvd., Building VI is less than a mile west of Interstate 55 and 56 miles from downtown Chicago. The larger Elion Logistics Park 55 features 3 miles of direct frontage along the same highway and is 8 miles away from a BNSF railway that ends at the Port of Los Angeles.
Chicago’s industrial market
Chicago’s position at the nation’s midpoint has made it a prime leasing and investment target. As of the second quarter of 2023, warehousing and distribution assets were the metro’s top industrial subtypes by nearly every metric. According to a JLL report from the same period, Greater Chicago had 33.7 million square feet of such space under construction as of June, with 9.8 million coming online year-to-date. The vacancy rate was at 3.8 percent, while the area has seen 3.5 million square feet of quarterly net absorption.
Recent Chicagoland industrial headlines include Seefried Properties’ groundbreaking on a two-building, 465,360-square-foot speculative project in Elgin, Ill., alongside Logistics Property Co. beginning construction on a 664,453-square-foot building in Oak Forest, Ill.