Avison Young has brokered the sale of a 38-acre land parcel in the I-55 Corridor, according to Danny Nikitas, principal and managing director of the company’s Chicago office.
Exeter Properties Group, the buyer, will become a joint-venture equity partner in the Lockport Business Center, a two-building development totaling 612,000 square feet at 163rd Street and I-355 in Lockport, Illinois, along Chicago’s southwest industrial corridor.
Avison Young principals Erik Foster and Mike Wilson worked in conjunction with principals Brendan Kelly and Todd Heine. The team represented Tandem Development Group LLC, a national development firm that is building speculative buildings on the site to appeal to national and regional distribution and warehouse tenants.
The development contains many state-of-the-art features, including 32-foot clear height ceilings, ample parking and trailer spaces, and seven-inch-thick floors.
The development, which will include two buildings of 327,600 square feet and 284,400 square feet, is ideally situated with convenient access to I-355, I-55 and other transportation corridors linking businesses to regional and national markets. The development is only 6.5 miles from the 159th St. interchange, which is typically less congested than surrounding interchanges.
The property is one of only three industrial land sites approved by the City of Lockport, making the site a coveted project that is ideal for speculative development. The property is fully zoned and offers several sought-after attributes, including low Will County taxes and access to a diverse and large labor pool.
Foster and Wilson bring a combined 30 years of experience in investment sales, providing asset advisory, disposition and sale-leaseback services to commercial property owners in Chicago and throughout the country. The team has completed transactions totaling more than $4 billion.
