Trammell Crow Lands Equity for Chicagoland Logistics Project
Standard Real Estate Investments provided the financing through its new $150 million fund.
Trammell Crow Co. has secured equity financing for Woodridge Industrial Center, a 217,000-square-foot logistics project in the Village of Woodridge, Ill. Standard Real Estate Investments provided the financing through its new $150 million investment fund.
The development team also includes Harris Architects as architect in charge, SpaceCo as civil engineer and FCL Builders as general contractor. Completion is expected in late 2024.
Woodridge Industrial Center will rise on 17 acres at 8100 Lemont Road, in the I-55 Corridor. Upon delivery, the single-load warehouse will feature 22 dock doors, a 291-foot depth, 130-foot truck courts and 270 vehicle parking spots.
The development site is an infill parcel that will allow future tenants to reach a population of more than 4 million people within a 20-mile radius, TCC Senior Vice President Josh Udelhofen said in prepared remarks.
Chicago’s industrial projects
In terms of industrial development, Chicago led the Midwest on a square footage basis, a recent CommercialEdge report shows. The metro had 24.2 million square feet in its pipeline as of July, followed by Indianapolis (10.4 million square feet) and Columbus, Ohio (10.3 million square feet). Recent Chicago projects include a 465,360-square-foot speculative industrial development in Elgin, Ill., and a 664,453-square-foot industrial building in Oak Forest, Ill., among others.
As for deliveries, a 1 million-square-foot warehouse and distribution center in Wilmington, Ill., recently entered the metro’s inventory. Since the beginning of 2021, Chicago’s stock has grown by 6.6 percent, the same research reveals.