Logistics Property Company, LLC (LPC) has acquired 15.09 acres of land in Addison, Illinois in DuPage County. The centrally located logistics distribution hub, dubbed Swift & Lake, sits on the southeast corner of Swift Road and Lake Street—25 miles northwest of downtown Chicago,a quarter-mile from the I-355 four-way interchange and less than two miles from I-290.
LPC is constructing two high profile facilities totaling 274,855 square feet that will likely draw tenants from O’Hare and other areas of Cook and Northeast DuPage Counties. Doug Pilcher, director of brokerage services at Cushman & Wakefield is leasing the project. Construction will commence immediately with delivery expected in the second quarter of 2020.
“The 15-acre site at Swift & Lake is one of the last remaining in-fill locations in Northeast DuPage County, a submarket that’s currently at 3.1 percent vacancy, the lowest rate ever recorded,” said Pilcher. “There has not been an industrial speculative development in Addison for over 10 years, primarily because you can’t find the land.”
Swift & Lake is LPC’s sixth 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, 3711 South Ashland Avenue in Chicago and 550 Center Avenue in Carol Stream, Illinois.
“Large Class A infill properties are a scarcity in DuPage County—even more so in a location this strategic,” said Aaron Martell, LPC’s executive vice president – Midwest region. “We’re fortunate Doug believed in us to execute a five-parcel assemblage. You hold on to a site like this.”