{"id":1004596240,"date":"2022-08-09T03:03:22","date_gmt":"2022-08-09T11:03:22","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004596240"},"modified":"2022-12-08T12:13:28","modified_gmt":"2022-12-08T20:13:28","slug":"crow-holdings-breaks-ground-on-chicago-area-industrial-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/crow-holdings-breaks-ground-on-chicago-area-industrial-project\/","title":{"rendered":"Crow Holdings Breaks Ground on Chicago-Area Industrial Project"},"content":{"rendered":"
\"\"<\/a>

Matteson 57 Commerce Center. Image courtesy of Crow Holdings<\/p><\/div>\n

Crow Holdings Industrial<\/strong> and local officials of Matteson, Ill., have celebrated the groundbreaking for Matteson 57 Commerce Center. The 758,000-square-foot speculative warehouse and distribution facility will be a boon for the 22,000-resident community and for metropolitan Chicago. The developer has tapped Pepper Construction<\/strong> to serve as construction manager. Delivery is expected in 2023.<\/p>\n

It is unclear if Crow Holdings is financing the $70 million project’s development through its investment fund, Crow Holdings Realty Partners IX LP, which closed oversubscribed<\/a> in September 2021 with $2.3 billion in commitments.<\/p>\n

\n

READ ALSO:<\/strong> The Benefits of Multi-Tenant Industrial Real Estate<\/a><\/p>\n

\n

Located just east of Interstate 57 and within 45 miles of Chicago O\u2019Hare International Airport, Matteson 57 will occupy an approximately 53-acre site that Crow Holdings acquired in June 2022 for $10 million, according to Cook County property records. What had been a vacant soybean landfill will give rise to a Class A facility designed to accommodate the needs of logistics users. Cushman & Wakefield<\/strong> is handling leasing for the project.<\/p>\n

Upon completion, the property will have a 40-foot clear height, a minimum of 100 exterior truck docks, ample trailer and car parking, as well as easy access to six intermodal facilities. Additionally, Matteson 57 will feature architectural lighting, fenestrated wall panels and prominent glass office corners.<\/p>\n

Demand in a small town<\/h2>\n

As noted in an announcement of the groundbreaking ceremony, the Village of Matteson anticipates seven logistical tenants, and it eagerly awaits the hundreds of jobs that will accompany them, which will allow many residents to work locally instead of commuting out of town for employment. Regardless of the expected tenants, Matteson 57, located roughly 30 miles from Chicago\u2019s central business district, will likely prove a popular draw among industrial users.<\/p>\n

\u201cAs industrial construction still booms in Chicago\u2019s market, it has yet to catch up to the levels of demand for space. In addition, demand for modern warehouse space has increased as tenants want to improve supply chain efficiencies where they can,” according to a second quarter 2022 report by Newmark.<\/p>\n","protected":false},"excerpt":{"rendered":"

The speculative warehouse and distribution development will come online in 2023. <\/p>\n","protected":false},"author":969,"featured_media":1004596251,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21782,21748,13,21742],"tags":[37358,32799,35458],"class_list":["post-1004596240","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-development","category-industrial","category-midwest","category-latest","tag-crow-holdings","tag-cushman-wakefield","tag-pepper-construction"],"acf":[],"yoast_head":"\nCrow Holdings Breaks Ground on Chicago-Area Industrial Project - CPE<\/title>\n<meta name=\"description\" content=\"Crow Holdings Industrial broke ground on Matteson 57 Commerce Center, a 758,000-square-foot project in Matteson, Ill., near Chicago.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/crow-holdings-breaks-ground-on-chicago-area-industrial-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crow Holdings Breaks Ground on Chicago-Area Industrial Project\" \/>\n<meta property=\"og:description\" content=\"Crow Holdings Industrial broke ground on Matteson 57 Commerce Center, a 758,000-square-foot project in Matteson, Ill., near Chicago.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/crow-holdings-breaks-ground-on-chicago-area-industrial-project\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-09T11:03:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T20:13:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/Matteson-57-Commerce-Center-e1660041913927.png\" \/>\n\t<meta property=\"og:image:width\" content=\"802\" \/>\n\t<meta property=\"og:image:height\" content=\"601\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/crow-holdings-breaks-ground-on-chicago-area-industrial-project\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/crow-holdings-breaks-ground-on-chicago-area-industrial-project\/\",\"name\":\"Crow Holdings Breaks Ground on Chicago-Area Industrial Project - 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