CT Kicks Off $125M Industrial Project in Chicago
CT Realty doesn’t let any grass grow under its feet. The industrial real estate investment and development company has commenced construction of Interchange 55 Logistics Park, a 1.3 million-square-foot logistics project that will take shape on a 112-acre parcel the company acquired only three months ago. The project, located in the suburban Chicago city of Romeoville, Ill., carries a development price tag of $125 million.
Sited along I-55, roughly 18 miles from Chicago, Interchange 55 will encompass two state-state-of-the-art structures. Building A will feature 657,000 square feet, while Building B will offer 684,000 square feet. The property will sprout up in the right place.
“Chicago is the largest inland port in the U.S., it handles the most intermodal containerized volume and it is the second largest industrial market by building square footage in the country,” Carter Ewing, managing partner at CT Realty, told Commercial Property Executive. “It’s truly the crossroads of commerce in America.”
CT is in expansion mode, with a bevy of projects underway across the country. The list of developments currently in progress or in the pipeline includes the construction of 1.7 million square feet of industrial facilities at NorCal Logistics Center in Stockton, Calif., and the development of Palmetto Logistics Park, a 3.5 million-square-foot industrial property in metro Atlanta. CT is also in the midst of building the initial 3.8 million-square-foot phase of the Dallas-area Southport Logistics Park, which will ultimately feature 9 million square feet.
And there’s much more to come. CT has amassed a notable portfolio of land that can accommodate the development of 15 million square feet of industrial buildings in Tier One markets across the country, including the greater Chicago area, over the next five to seven years. “In addition to projects we currently have under construction in Northern California, Southern California, Dallas and Atlanta, we’re expanding into New Jersey, Indianapolis and the Pacific Northwest,” added Ewing.
CT has tapped NAI Hiffman, the commercial real estate firm that represented CT in the Romeoville land acquisition, to handle leasing at Interchange 55, which is on schedule to reach completion by the end of 2018.