Sterling Bay Industrial hosted a groundbreaking ceremony on Tuesday, June 22, alongside PREMIER Design + Build Group to mark the start of construction on 545 Lamont Road, a new 150,000-square-foot Class A industrial facility that will meet Chicago’s record-breaking demand for high-quality, high-performance warehouse space in the O’Hare Industrial Corridor.
Acquired by Sterling Bay and institutional capital partners in March 2021, 545 Lamont Road is a speculative development situated on a 9.3-acre site in Elmhurst, Illinois. Currently housing a 79,600-square-foot vacant office building that will be razed, the new facility is slated to deliver in January 2022 offering future tenants a shortened timeline to access today’s most desired warehouse features including higher ceiling heights, energy-efficient building systems, a proximity to a strong labor pool and easy access to various expressways and O’Hare International Airport.
“The O’Hare Industrial corridor is one of the most dynamic, diverse and dense industrial submarkets in the country right now, representing major industries from manufacturing to distribution to air freight,” said Ron Frain, Principal of Sterling Bay Industrial. “Our development of a state-of-the-art warehouse facility in a high-growth and proven submarket like this one is exactly the kind of opportunity Sterling Bay Industrial is seeking as we continue to expand our footprint in the sector, both in Chicago and new markets across the country.”
Since the onset of the pandemic, Chicago’s popularity as a sought-after market for industrial development and investment has surged in tandem with a growing global reliance on home delivery and online shopping. With an existing reputation as a hub for transportation – boasting a central locale, access to two international airports, several rail lines and various interstate highways – Chicago is a prime destination for national and worldwide e-commerce and logistics companies that require factory facilities, manufacturing space, data centers and/or last-mile fulfillment centers.
“In a highly competitive industrial real estate market like we’re currently experiencing in Chicago, it’s extremely important to offer a product that stands out as exceptional,” says Michael Long, Senior Vice President/Midwest Market Leader at PREMIER Design + Build Group. “Working with Sterling Bay, one of the city’s most innovative developers, we’re proud to say that 545 Lamont Road will deliver just that – an exceptional facility in a thriving submarket that meets the evolving demands of today’s most sophisticated operators”