Logistics Property Co. has bought a virtually 6-acre website in Elk Grove Village, Unwell., with plans to begin development on an industrial growth in Might. The location is simply west of Chicago O’Hare Worldwide Airport and traded for $10.5 million, in keeping with DuPage County public data. The acquisition was organized in-house, with assist from Cresa.
The corporate plans to develop a 123,000-square-foot rear-load industrial facility, located at 2700 York Highway. Completion is estimated for the second quarter of 2026. The event crew contains Jacob & Hefner Associates as civil engineers.
The upcoming industrial property will function 16 dock doorways, two drive-in doorways and 124 automobile parking spots. The location offers fast entry to interstates 390, 294 and 90.
Logistics Property Co.’s crew of Government Vice President Aaron Martell and Vice President Ben Fish labored on the land acquisition, with the help of Cresa Managing Principal Ed Lowenbaum.
Current initiatives added to Chicago’s pipeline
As of January, Midwestern industrial markets recorded elevated development exercise in comparison with one yr prior, in keeping with a latest CommercialEdge report. Regardless of present industrial actual property traits reflecting sluggish growth exercise, notable markets on this area positioned within the prime metros by sq. toes underway. Chicago’s industrial pipeline included 5.8 million sq. toes as of January—the third-largest pipeline within the Midwest.
Current developments within the metro embody Eli Lilly and Co.’s new manufacturing facility in Nice Prairie, Wis. The corporate acquired the power in April final yr and plans a $3 billion funding to increase its operations, with development anticipated to begin this yr.
In November 2024, Trammell Crow Co. commenced development on the primary constructing at Plainfield Enterprise Middle, in Plainfield, Unwell. The 788,000-square-foot warehouse will come on-line by fall this yr, whereas the economic campus total is ready to incorporate greater than 8 million sq. toes.
