A developer said it's broken ground on an 80,000-square-foot speculative distribution facility in Mount Prospect, Illinois.

Atlanta-based real estate firm Seefried Properties said the Class A project is located 2.5 miles from O'Hare Airport's North Cargo Gate and will be designed to accommodate freight-forwarding and air cargo warehousing. It's the 14th project that Seefried has developed in the O'Hare area, the company said.

"With vacancy rates in Chicago reaching record lows, we're excited to bring new Class A product to the market," said Dave Riefe, senior vice president of Seefried, in a statement. "We continue to seek out infill locations in Chicago and the greater Midwest to provide supply for the growing demand."

Seefried said it's already signed a tenant for the Mount Prospect building: World Courier Inc., a medical logistics company and wholly owned subsidiary of AmerisourceBergen (NYSE: ABC), has leased 34,000 square feet. Mike Feeney and Jay Cook with Cresa represented the tenant, and Mike Sedjo, Jack Brennan, John Hamilton and Ben Dickey of CBRE represented Seefried in the transaction.

The company said an additional 46,000 square feet remain available for occupancy in the fourth quarter, with marketing and leasing efforts for the project handled by CBRE.

Principle Constructors is the general contractor, Kimley-Horn is the civil engineer, and Harris Architects is the architect on the project.

Nearly 26 million square feet of distribution and manufacturing facilities are expected to be delivered in the Chicago market in 2022, the fifth-highest total in the U.S., The Business Journals reported in April.

By: Ben Miller, Chicago Business Journal
Posted on: June 22, 2022