Chicago-based Timber Hill Group (Timber Hill), in a joint venture with Champion Realty Advisors (Champion), has signed Mainfreight to a long-term, build-to-suit lease for a 57,100-square-foot freight terminal on a 15.78-acre site located at 27W364 North Avenue in Carol Stream, Illinois. North Ave. TH LLC, a special purpose entity managed by Timber Hill and Champion, acquired the site in May 2023.
“While the industrial market is finally cooling off from its record setting growth over the past few years, we are still seeing elevated demand for these types of properties,” said Timber Hill CEO Cary Goldman.
Mainfreight’s new terminal will feature 81 dock doors, parking for 92 cars, 88 trailer and 44 tractor stalls. It will also have a 70-foot wide dock area and 20,000-square-foot, two-story office space complete with commercial grade kitchen and locker rooms. It will serve as Mainfreight’s North American headquarters.
Groundbreaking is set for November 2023 with completion expected in early 2025.
Mainfreight is a New Zealand-based logistics company providing end-to-end freight service solutions, including warehousing, domestic distribution and international air and ocean services. The company operates in 26 countries and has more than 11,000 employees. The company currently has offices in Franklin Park.
Timber Hill Group and Champion Realty Advisors are pioneers in developing, owning, and operating managed truck parking lots and other logistics related real estate throughout the United States. Together they support the acquisition, development, and repositioning of logistics-related supply-chain Industrial Service Facilities (ISFs) in established major metropolitan markets with high-volume transportation linkages for trucking, rail, shipping and air cargo. This is the first of two terminal build-to-suits Timber Hill and Champion are developing on behalf of Mainfreight.
