Stonemont Financial Group announced that the company has closed on the land for a 258,720-square-foot industrial development in West Chicago, Illinois. Stonemont is partnering with developer Stotan Industrial to build the Class-A warehouse distribution facility, slated for completion in February 2023.
The 17-acre project, called DuPage Crossings, will be located within the Fox Valley submarket just over 30 miles from the greater metropolitan Chicago area. The project will sit at the corner of Washington Street and Charles Court in West Chicago, offering immediate access to I-88 and the surrounding affluent cities. The building will feature 36-inch clear heights, 32 exterior docks, 45 trailer parking stalls, 219 car parking spaces and will be divisible up to 130,000 square feet.
The greater Chicago region has proven to be one of the top industrial markets in the country with nearly 4.3 million square feet of net absorption in the first quarter of 2022 and a record low vacancy of 3.1%. The project is located in the Fox Valley submarket which boasts a vacancy rate of 1% and is proving to be one of the most competitive submarkets in the region for new development.
DuPage Crossings marks a continuation of Stonemont’s footprint across the greater Chicago region, which has been a primary target for the firm in recent years. In the last 12 months alone, Stonemont has invested over $200 million in the Chicago market and continues to seek opportunities in the region as vacancy rates remain at historic lows and the demand for industrial space continues to outpace supply.