Logistics Property Company (LPC) has acquired 11.79 acres of land in Carol Stream, Illinois. The logistics real estate firm plans to construct a 185,796-square-foot, single-load facility, a rarity in the surrounding area.
“We’re excited about bringing this one out,” said Aaron Martell, LPC’s executive vice president – Midwest region. “Our DuPage County strategy continues to get dialed-in. This is one of the last good sites in the submarket.”
Dubbed 550 Center Avenue, the new property will offer two drive-in-doors, 33 docks, 32-foot clear height, 114 car parking spaces and 47 trailer parking stalls. Construction will commence immediately with delivery expected in the first quarter of 2020. Irv Gilner, executive vice president at Transwestern Commercial Services is leasing the project.
“The transformation of this property from a recycling center to a Class-A logistics building emphasizes LPC’s commitment to improve the business environment in Carol Stream’s booming industrial sector,” said Gilner. “We’re confident this building will attract a top-tier employer for Carol Stream.”
550 Center Avenue is LPC’s fifth active project in the Midwest with 94 Logistics Park in Kenosha, Wisconsin; LogiPark 57-80 in Country Club Hills, Illinois; Brewster Creek Logistics Park in Bartlett, Illinois and 3711 S. Ashland Avenue in Chicago. LPC anticipates closing on additional properties in Pennsylvania, Texas, the Midwest and the Pacific Northwest in the near term, as part of a development pipeline of approximately 20 million square feet.