Ridge Development and Michelin have entered into a build-to-suit agreement whereby the tire manufacturer will lease 1.7 million square feet of distribution space to be constructed at the RidgePort Logistics Center in Wilmington, Illinois. The center is approximately 40 miles southwest of Chicago. The expected delivery is mid- 2015, construction is scheduled to begin soon.
“We are excited to break ground on the Michelin project,” said Jim Martell, president of Ridge Development. “As one of the largest U.S. distribution complexes when fully built out, this project should boost RidgePort to one of the most significant logistics parks in the country.
JLL’s Keith Stauber, SIOR; Dominic Carbonari, SIOR; Steve Ostrowski; and Rich Thompson brokered the lease on behalf of ownership. The facilities are owned by a joint venture between Ridge Development and a state pension fund advised by Heitman Financial. JPMorgan Chase Bank N.A. is providing financing for the construction, which is being spearheaded by Ledcor Group as general contractor.
RidgePort, a 1,500-acre, rail-served intermodal park with room for 14 million square feet of industrial, warehousing and logistics buildings, is being developed by Ridge Development, the industrial arm of Transwestern Development Company.
