Chicago-based Timber Hill Group, a private equity firm specializing in the acquisition and development of logistics related industrial real estate, has completed a six-month, $2.8 million redevelopment of a cross-dock and maintenance facility located at 5000 W. 39th Street in Stickney, Illinois. Simultaneously, Delta Logistics, Inc., which signed a full facility lease earlier this year, has relocated to the modernized property.
“The trucking industry has recognized renewed demand for well-located cross-dock facilities, truck repair bays and truck parking spaces,” said Timber Hill managing partner Cary Goldman. “These facilities are especially in demand by companies that require access to rail intermodal and highway systems.”
The two structures sit on 10.5 acres. The terminal building is a 25,000-square-foot cross-dock facility with 54 doors, 5,000 square feet of two-story office space and two drive-through repair bays. The maintenance facility is 13,000 square feet with twelve drive-in doors. It features six repair bays that are all drive-through capable. The balance of the site is used for truck/trailer storage and can accommodate two hundred plus trailers. The entire facility is lighted, fenced and gated.
Timber Hill acquired the Stickney property in early 2017, and in November launched the renovation campaign that enhanced the buildings’ functionality for today’s modern industrial user. Among some of the updates introduced were new lighting, levelers, roofs, drive-in doors and windows. In addition, Timber Hill poured a new, reinforced concrete floor at the maintenance building.
“This type of property is as integral in the process of last mile distribution as an 800,000 square foot, 40-foot clear warehouse,” Goldman said.
As a result of the renovation efforts, Timber Hill signed Delta to a full facility lease. The new location now serves as the Portland, Oregon-based company’s Midwest headquarters. The freight traffic managers relocated from a multi-tenant building in Cicero, Illinois and are using the Stickney property for equipment storage, truck/trailer repair, cross-dock LTL. With the lease, Delta has the flexibility to expand operations during its current growth phase as well as access to regional intermodals and the U.S. interstate highway system.
“It’s always rewarding to transform antiquated real estate into a modern component of the supply chain,” said Timber Hill partner Ryan Battistoni.“The quick lease up of this property is further proof of our strategy.”
