Ridgeline Property Group purchased an 11-acre industrial site in Buffalo Grove, Illinois, with plans to develop an 157,000-square-foot spec facility.
The new industrial building at 850 Asbury Drive would be the first to launch in the area since 2008.
Southern Lake County is experiencing an incredibly tight market right now, according to CBRE First Vice President, Zach Graham, who worked alongside Senior Vice President Ryan Bain on the transaction.
The majority of available product right now in the area is older, Graham explained, and it does not deliver the efficiencies that modern distributors seek.
According to CBRE Research, Lake County recorded 1.29 million square feet of positive absorption in Q4 2015 and Q1 2016, lowering the overall vacancy rate to 5.5 percent.
The facility is located minutes from a four-way interchange at Lake Cook Road and Half Day Road, which provides quick access to I-94.
The new development will highlight such features as 32′ clear heights, 36 exterior docks and four drive-in doors as well as 173 parking spots.