DP Partners recently completed the construction of a major addition to its first speculative building and broke ground for its second speculative building at its new industrial park, LogistiCenter at Sauk Village, announced Aaron H. Paris, Executive Vice President and Chief Operating Officer of DP Partners, a 45-year-old development firm that is ranked in the top 10 privately owned industrial development firms in the country.
The new building is a 258,950 SF industrial facility on a 16.17-acre site at 21700 Mark Collins Dive in the Village of Sauk Village, 20 miles due south of Chicago in suburban Cook County. The single-loaded warehouse/distribution building, which is divisible to 65,000 SF, features a 32 clear height ceiling, 50 by 50 bays, 24 truck docks, four drive-in doors, 32 trailer stalls (expandable), and ESFR fire-suppression system and park for 185 cars. It is scheduled for completion during the first quarter of 2007.
We have analyzed the south suburban marker, and we believe there is a need for modern warehouse space for smaller users who need anywhere from 50,000 SF to 150,000 SF. This building was designed to meet the demand for space in this market niche, said Dennis L. Shaw, Director of Development for DPs Midwest Region.
DP Partners also recently completed construction of a 364,000 SF expansion to the south end of its first speculative distribution center at 21700 Mark Collins Drive. The expansion increases the size of the existing facility from 412,615 SF to 776,615 SF. We now have approximately 465,000 SF of bulk warehouse space available at the park and already have significant interest from large users for the entire space, said Shaw.
According to Shaw, the demand in the south suburban market for state-of-the-art industrial space with unsurpassed access to virtually all modes of transportation is what is driving the current expansion of LogistiCenter at Sauk Village. When the second spec building is completed, we will have 727,565 SF of Class A industrial space available to accommodate both large and small tenants, he said.
In addition to Shaw, DP Partners Midwest Region development team includes Thomas A. Brown, DPs Development Manager, and Terrence T.J. OBrien, DPs Construction Manager; Palatine, IL-based Harris Architects Inc.; Deerfield, IL-based construction manager, Meridian Design Build LLC; and Glen Ellyn, IL-based Jacob and Hefner Associates, civil engineer. The exclusive leasing agent of LogistiCenter at Sauk Village is the CB Richard Ellis brokerage team of Geroge G. Maragos, SIOR, Senior Vice President, and Scott Duerkop, Senior Associate, both in CBREs Chicago office.
Before the first building was completed in the fall of 2005, DP Partners signed a long-term lease for 308,000 SF with Appleton, WI-based Warehouse Specialists, Inc. (WSI), is one of the largest third-party logistics and warehousing firms in North America.
The primary reason we have received such a high level of interest in this project is its superb location in close proximity to the U.S. multi-modal transportation infrastructure, said Shaw.
LogistiCenter at Sauk Village is bounded by Illinois state highway 394 on the east, Cottage Grove Avenue on the west, Sauk Trail on the south and the EJ&E on the north. Located within the heavy industrial Calumet Expressway Corridor, the park has immediate access to IL 394 and is within five miles of I-80/I-94, making it an ideal location for serving the tri-state area of Illinois, Indiana and Michigan.
Sauk Village not only has immediate highway and rail access, it is within close proximity to five Class 1 intermodal yards, three Lake Michigan ports, and eight airports within a 40-mile radius. The park is directly served by the Elgin, Joliet and Eastern Railway (EJ&E), the most significant U.S. link in the global supply chain, because it connects to all manifest boxcar rail lines serving the Chicago metropolitan area. Sauk Village is within a 15-mile radius of five, switching yards with intermodal capabilities, controlled by four Class 1 railroads including CSXT, Union Pacific Railroad (UP), Burlington Northern and Santa Fe Railway (BNSF), and Canadian National/Illinois Central.
DP Partners began development of the 325-acre, master-planned, rail-served LogistiCenter at Sauk Village in March of 2005. When completed, the $150,000 business park will accommodate approximately 5,000,000 SF of high-cube distribution and manufacturing space, attract between 1,500 and 2,000 jobs in the region and generate an estimated $60,000,000 in local taxes over the next 20 years.