A shortage of modern industrial space in Chicago’s North Cook County submarket has spurred plans for a new 217,000-square-foot spec warehouse there that will be completed before the end of next year.
A joint venture between Boston-based Cabot Properties Inc., and Chicago-based Seefried Industrial Properties closed late last month on the purchase of an 11.2-acre site at 5600-5700 W. Jarvis Ave in Niles, and will demolish two existing buildings early next year before commencing construction of the new building.
It will be only the third new industrial development in the North Cook submarket in the last decade. The vast majority of existing product there is antiquated and ill-fitted to the demands of today’s users according to JLL Senior Vice President Steve Trapp.
Trapp and JLL colleagues Kurt Sarbaugh and Robin Stolberg represented the joint venture in the acquisition of the site and are now marketing the new development.
“This submarket has been extremely popular for industrial users largely because of the strong labor pool in Niles, Skokie and the North Side of Chicago,” said Dave Riefe, Senior Vice President of Seefield Properties’ Midwest Region. “But the options for modern, bulk space there are few and far between. We believe this project is well-positioned to satisfy the pent-up demand for modern, in-fill warehouse space in North Cook County.”
The new building will feature 30-foot-clear ceiling heights, 26 exterior docks and two drive-in doors as well as ample parking for more than 200 cars and 24 trailers. The property has also been approved for “6b” Cook County property tax status by the Village of Niles.
