Conor Commercial Real Estate, a member of The McShane Cos., has announced the purchase of a 20-acre land parcel located within the Northwest Corporate Park in Elgin for the development and construction of a new 342,620-square-foot speculative industrial facility.
Known as Northwest Pointe, the industrial site offers direct access to I-90 via the Randall Road four-way interchange. Globe Corp. and Conor Commercial have formed a joint venture for the land acquisition and development. The Conor/Globe venture acquired the land site from The Busse Family in order to develop the speculative facility that is being offered for lease and/or purchase.
Groundbreaking for the project is scheduled for late winter 2013. The Class A industrial precast facility has been designed to offer single- or multi-tenant suites ranging in size from 70,000 to 342,000 square feet. The building features cross-dock or single load configuration with a 32-foot clear height and office space to suit. Northwest Pointe offers 68 exterior truck docks with four drive-in doors (expandable) and parking for 343 cars (expandable) with on-site trailer parking available.
The continued velocity of leasing activity and the depletion of existing industrial inventory within the Chicago suburban market has provided the opportunity to develop the speculative industrial property. Elgin’s low real estate taxes together with Northwest Pointe’s immediate access to the interstate system were factors in the selection of the site and the option to launch the property as a speculative development.
“We are pleased to be launching this new industrial speculative development with Globe Corp., a long-standing partner of the McShane organization,” said Mark Saturno, chief operating officer of Conor Commercial Real Estate. “We remain heavily focused on the industrial market across the country and are confident that Northwest Pointe will enjoy robust interest and leasing activity as a Class A opportunity for new industrial distribution/warehouse space within the Chicago suburban market. With the site prominently positioned within the fully improved Northwest Corporate Park, we will enjoy the advantages of the site’s location, fast-track occupancy opportunity and competitive lease rates within the I-90 corridor market area.”
Kenneth Franzese, principal, and John Cassidy, SIOR, principal, of the Rosemont office of Lee & Associates represented the Conor/Globe venture in the acquisition and will serve as exclusive marketing agents for the property. The design/build team of McShane Construction Co. and Ware Malcomb is providing the comprehensive design and construction services for the new development.