{"id":1004665903,"date":"2023-05-31T14:54:06","date_gmt":"2023-05-31T22:54:06","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004665903"},"modified":"2023-05-31T14:54:09","modified_gmt":"2023-05-31T22:54:09","slug":"logistics-property-co-starts-665-ksf-chicago-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/logistics-property-co-starts-665-ksf-chicago-project\/","title":{"rendered":"Logistics Property Co. Starts 665 KSF Chicago Project"},"content":{"rendered":"
\"Oak

Oak Forest Logistics Center. Image courtesy of Logistics Property Co.<\/p><\/div>\n

Logistics Property Co.<\/strong> has broken ground on Oak Forest Logistics Center, a 664,453-square-foot industrial building located at 16799 Cicero Ave. in Oak Forest, Ill.<\/p>\n

The developer has tapped Architects Plus Design Studio<\/strong>, PLLC to design the facility, SPACECO, Inc.<\/strong> for the property\u2019s civil engineering. FCL Builders<\/strong> will serve as the project\u2019s general contractor, and Cushman & Wakefield<\/strong> will manage leasing at the completed facility. The complex is scheduled for completion in the fourth quarter.<\/p>\n

Oak Forest Logistics Center marks the developer\u2019s 11th project in metro Chicago, following its closing of Venture Two LP<\/a>, a $1.8 billion fund that targets developments in fast-growing U.S. markets. Prior to the closing, the firm began construction on Butterfield Distribution Center and 2800 W. Diehl Road, two projects in Aurora<\/a> that total 663,867 square feet.<\/p>\n

Oak Forest\u2019s features<\/h2>\n

At full build-out, Oak Forest Logistics Center will include 117 exterior loading docks with four drive-in doors, which will be flanked by 625 parking spaces. Inside, the building will feature 40-foot clear heights housing 54-foot by 52-foot column spacing, as well as 54-foot by 71-foot speed bays, with the option to add build-to-suit office space. The facility is slated for LEED certification.<\/p>\n

\n

READ ALSO:<\/strong> How Debt Costs Will Affect Industrial Demand This Year<\/span><\/a><\/p>\n

\n

The facility will be situated adjacent to a cluster of highways that leads to Interstates 57 and 80. Oak Forest has direct access to State Route 57, which connects to U.S. Routes 5 and 6. Industrial properties operated by Amazon and CJ Logistics are a half-mile southeast. Downtown Chicago is 20 miles to the north, and the facility is within a day\u2019s drive of many of the Midwest’s largest markets.<\/p>\n

Cushman & Wakefield Executive Vice Chair Jason West, Vice Chair Sean Henrick and Managing Director Ryan Klink will serve as the property\u2019s leasing brokers.<\/p>\n

Industrial upswing<\/h2>\n

As of May 2023, Chicago had the nation’s fourth-largest industrial pipeline, with 24.49 million square feet of projects, according to a CommercialEdge report<\/a>. The market’s year-to-date transaction volume of $414 million is the region’s largest and seventh in the U.S.<\/p>\n

These fundamentals contribute to the market\u2019s 4.2 percent vacancy rate, 30 basis points above the national average.<\/p>\n

On the investment front, Venture One Real Estate has completed its purchase of the Amhurst Lake Business Park<\/a>, a 404,953-square-foot complex in Waukegan. Two months prior, a joint venture between PCCP and Stotan Industrial added to the area’s development starts with the groundbreaking of a 100,400-square foot project<\/a> in Mount Prospect.<\/p>\n","protected":false},"excerpt":{"rendered":"

This project comes after the sponsor closed a $1.8 billion development fund.<\/p>\n","protected":false},"author":3012,"featured_media":1004665904,"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":[52043,32799,52045,52042,51786],"class_list":["post-1004665903","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-development","category-industrial","category-midwest","category-latest","tag-architects-plus-design-studio","tag-cushman-wakefield","tag-fcl-builders","tag-logistics-property-co","tag-spaceco"],"acf":[],"yoast_head":"\nLogistics Property Co. 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