CBRE has been hired by a joint venture of DeBartolo Development, Location Finders International Real Estate and Canyon Partners Real Estate to market at new, 879,040-square-foot warehouse facility within the Bailly Ridge Corporate Center in Monee, Illinois. Construction has begun on the new facility, located at 25101 S. Ridegland Avenue, and is scheduled to be completed in spring of 2019.
CBRE’s Traci Buckingham Payette and Stephanie Park will represent the developers in the listing. Principle Construction Corp. has been hired as the designer and builder for the project, while Harris Architects provided architectural services and civil engineering design was completed by Spaceco.
Situated on 61.1 acres along the strategic I-57 corridor, the facility can allow for multiple tenants with its flexible design. It will include 36-foot clear heights, 51- by 49-foot column spacing, 70-foot speed bays, 135-foot concrete truck apron, 100 dock doors, four drive-in doors, 346 trailer stalls and 300 car parking stalls.
The Bailly Ridge Corporate Center already includes 2.6 million square feet of Class-A office and distribution properties with noteworthy tenants including Amazon, XPO Logistics and Hankook Tires. Current and future tenants located in the corporate center will benefit from tax relief provided by a new Tax Increment Financing District.
“Demand in this market is incredibly high and this new product wil be very well-received,” said Payette. “This is an important logistics corridor and users, especially distribution firms, will benefit from the convenience of the location.”
Monee is located in the South Suburbs submarket of Chicago, where the industrial vacancy rate stands at just 0.9 percent, far less than Chicago market average of 3.6 percent, according to a CBRE report.