Colliers International | Chicago’s Brian Kling and Reed Adler represented national developer Crow Holdings Industrial (CHI) in partnership with the California State Teachers’ Retirement System (CalSTRS) in its purchase of a 42-acre land site at 2600 Mason Road in Elgin, Illinois from an undisclosed seller. CHI will break ground in early July on Park 90 Elgin, a new three-building speculative industrial development totaling 638,000 square feet.
“We’re eager to start construction on this state-of-the-art business park, our first with CalSTRS in a newly-formed national programmatic joint venture. With all three buildings set to deliver in Q1 2020, we’re bringing much-needed supply into the Elgin I-90 Corridor submarket, filling the growing need for high-quality, Class-A industrial space with prominent visibility along the tollway,” said Matt Kurucz, managing director of CHI’s Chicago office. “With spaces ranging in size from 30,000 square feet to 375,000 square feet, we expect to see strong interest from a wide array of tenants.”
At 155,000 square feet, Building A will feature 32-foot clear height, 16 exterior docks (expandable to 36) and two drive-in doors. At 106,000 square feet, Building B will feature 32-foot’ clear height, 13 exterior docks (expandable to 27) and two drive-in doors. Building C will be 377,000 square feet with 34 exterior docks (expandable to 73), two drive-in doors, 77 trailer parking positions and will be the only 36-foot clear height building in the entire submarket.
Park 90 Elgin is located directly along I-90 with 1,500 feet of tollway frontage. In addition, the development offers immediate access to I-90 via the Randall Road interchange and is within 30 minutes of O’Hare International Airport. The buildings will be available for occupancy in the first quarter of 2020.
“The Elgin I-90 Corridor continues to see some of the lowest vacancy rates in years,” said Kling, a principal with Colliers | Chicago. “Not only are there currently no options in the Elgin I-90 Corridor for users seeking more than 200,000 square feet, but Park 90 Elgin will offer users unmatched features in the market—such as 36-foot clear height, 100 percent concrete paving throughout the project and ample trailer parking.”
Park 90 Elgin is CHI’s fourth development in the Chicago area since opening its Midwest office under the leadership of Kurucz in 2018. Kling and Adler have been retained to lease Park 90 Elgin on behalf of CHI.