A joint venture between Panattoni Development Company and LaSalle Investment Management has broken ground on the Central DuPage submarket’s only speculative industrial building – a 139,781-square-foot facility at 201 Gary Ave., Roselle.
Ronald Behm, Jeffrey Kapcheck, and Matthew Stauber, all principals with Colliers International | Chicago’s Industrial Advisory Group, are leasing the property on behalf of Panattoni.
The building, which is expected to be completed in the fourth quarter of 2013, is located in Turnberry Lakes Business Park in Roselle, within walking distance to Metra rail station and featuring Elgin O’Hare and Gary Avenue access. It is the third building in a five-building development plan. It has 18 docks (expandable to 36), two drive-in doors, 112-car parking, 30-foot clear ceiling height and ESFR sprinklers. The remaining two buildings (152,243 square feet and 154,110 square feet) are being offered on a build-to-suit basis. The same Colliers team leased the first two Turnberry speculative buildings, which were about 140,000 square feet each.
There are 10 speculative construction projects currently underway in the metropolitan Chicago area totaling 1.4 million square feet. 201 Gary Ave. is the Central DuPage market’s only speculative project – planned or in process.
“We feel this represents a great opportunity to construct a facility in a size range that is actually in demand,” said John Pagliari, partner with Panattoni. “This building is in a ‘feeder’ location with low taxes, which is a great opportunity for tenants in both the Central DuPage and O’Hare submarkets.”
