USAA Real Estate Company has retained Seefried Properties as the park developer for Commerce Center in University Park, Illinois. The 250 acre business park located along the I-57 corridor in Will County has 50 acres of pad ready sites available for outright sale or build to suit. In addition to the business park’s strategic location, companies who locate in Commerce Center will benefit from the lowest real estate taxes in Metro-Chicago.
Commerce Center is a well-established business park that is currently home to Solo Cup (1,500,000 square foot distribution facility), Georgia Pacific (700,000 square foot distribution center) and another major consumer products company occupying a 1,300,000 square foot distribution facility. The park is located in Will County, approximately eight miles south of I-80, with multiple access points to I-57, including the Stuenkel interchange that is currently under construction. Through the existing Tax Increment Financing (TIF) agreement, companies who locate within Commerce Center will benefit from a 75% rebate on real estate taxes.
With sites available from 7 to26 acres, Seefried and USAA Real Estate Company can quickly respond to build-to-suit proposals for requirements ranging from approximately 75,000 SF to 625,000 SF. The Seefried-USAA team has a proven track record of success, developing 14 distribution facilities representing over $820 million across the United States in the past 48 months. “We are pleased to extend our relationship with USAA and Lee & Associates in University Park and look forward to continued development success,” said David Riefe, senior vice president with Seefried Properties.
Brian Vanosky, Jeff Janda and Tim McCahill of Lee & Associates of Illinois, as the park’s exclusive listing brokers, will continue to market Commerce Center. “We are excited about the addition of Seefried and the development expertise that they bring to the project. Seefried will help to ensure the continued success of the business park” said Jeff Janda. “As the demand for functional product continues to increase, we think Commerce Center is well-positioned to be the build-to-suit location of choice in metropolitan Chicago.”