Urban Investment Research Corp. has begun the renovation of a 122,000-square-foot industrial building in the I-55 Corridor of Chicago. Chicago-based UIRC is partnered with ASB Allegiance Fund, a Taft Hartley fund of union pension funds, on the $8 million project that broke ground late last month at the corner of Cermak Road and Racine Avenue, one mile southwest of the CDB, and a half-mile northwest of I-55 and the Dan Ryan Expressway.
UIRC acquired the property in August 2008 from 2180 Racine LLC. The property was fully leased at the time of sale to Caldwell Letter Service. At the end of 2009, UIRC moved Caldwell to a different building in its portfolio, leaving the 3.85 acre site vacant. The two-story, masonry and steel frame, bulk warehouse building with 8 percent office build-out, 14-18 foot clear ceiling heights, 3 exterior truck docks (up to 30 when completed) and 1 drive-in door will undergo extensive renovation of site and shell over the next six months. New tenant build-out, concurrent with lease-up, is projected to be completed in two years.
The property will feature, the largest truck court and most loading docks and off street parking than any other development in the area. UIRC expects the new building could accommodate as few as two tenants or as many as 8 tenants and is to be completed in June.
