A joint venture between Venture One Real Estate and USAA Real Estate celebrated the groundbreaking of One North Ave, a 151,200-square-foot, infill logistics facility located at 1 North Avenue, in Glendale Heights, Illinois. The building is scheduled for delivery the second quarter of 2020.
Located in the North DuPage submarket, One North Ave is less than three miles from the I-355 and North Avenue four-way interchange and has over 800 feet of frontage on North Avenue, offering immediate access to two of Chicago’s primary East/West and North/South corridors. The precast facility will feature 32-foot clear height, 56- by 50-foot bays, 130-foot truck courts and access off North Avenue at a lighted interchange.
“We are excited to begin the development of this infill parcel,” said Ryan Stoller, principal at Venture One. “With vacancy in the North DuPage submarket at an all-time low of 3.49 percent, we believe there is pent-up demand for modern, functional space that can be demised to smaller units.”
With the ability to demise down to 30,000 square feet, the modern facility will offer functionality for tenants with a smaller footprint that have previously been restricted to inefficient, second-generation buildings within the North DuPage submarket. Brian Kling and Reed Adler of Colliers International have been retained to market One North Ave on behalf of Venture One and USAA Real Estate.
