CT BEGINS DEVELOPMENT ON $125 MILLION LOGISTICS PARK IN SUBURBAN CHICAGO
Following the December 2017 acquisition of a 112-acre parcel by CT, development is underway on a two-building, 1.34 million-square-foot logistics project in the Chicago suburb of Romeoville, Illinois. The $125 million development, Interchange 55 Logistics Park, is slated for year-end completion and marks the continued nationwide expansion of CT’s industrial logistics investment strategy.
CT was represented in the acquisition of the underlying land parcel by Adam Roth, Dan Leahy and Packy Doyle with NAI Hiffman, who also represent the project for lease.
“This project is ideally situated in the heart of the Chicago bulk warehouse and logistics market and will provide users with access to the largest inland port market in the U.S.,” said Carter Ewing, managing partner with CT.
Interchange 55 Logistics Park is in the highly sought after I-55 Corridor submarket, with strategic access to I-55 and I-355 trucking routes and proximity to logistics and intermodal freight transportation via BNSF Logistics Park, Union Pacific Intermodal Terminal, and FedEx and UPS Chicago area consolidation hubs.
The project will consist of two state-of-the-art cross dock distribution facilities, each with 32-foot minimum clear height, 560 feet of building depth and 185-foot deep all-concrete truck courts. Building A contains approximately 657,000 square feet, 60 dock-high doors, 157 trailer parking spaces and 241 car parking spaces. Building B contains approximately 684,000 square feet, 68 dock-high doors, 175 trailer parking spaces and 465 car parking spaces. The designs allow for further expansion of car parking, trailer parking and dock doors depending on tenant requirements.
““We are investing in the highest quality modern logistics facilities in Tier One markets across America to meet the dynamic and growing demand for goods distribution nationwide,” added Ewing. “CT is heavily committed to be a preeminent developer of logistics facilities, with current land holdings across the country sufficient to develop as much as 15 million square feet of industrial buildings over the next five to seven years. We want to grow to 7 million square feet of projects in the greater Chicagoland markets within five years,” Ewing said.