CHICAGO–(BUSINESS WIRE)–May 11, 2022–
Logistics Property Company, LLC (LPC) has completed the acquisition of the land and received City Council approval for the development of Chicago’s first multi-story industrial project. 1237 West Division, as the project is known, will feature 600,000 square feet of logistics space over two floors and offer both rooftop parking and an adjacent five-story parking garage.
The 11.5-acre site is immediately adjacent to the full four-lane Division and Elston interchange in the Goose Island neighborhood near north Chicago. The location is 3.5 miles from the heart of the Chicago Loop, 15 miles from Chicago O’Hare International Airport, and delivers $2 billion in annual e-commerce sales within a five-mile radius.
“We are delighted to have closed on the land and to have received City Council approval for the project,” said Aaron Martell, Executive Vice President – Central Region at LPC. “Bringing the first multi-story logistics building to Chicago is a big win for our team.”
The project will have direct loading on the first and second floors, each with a 135-foot truck lot. The first floor will feature 36-foot headroom, 28 platform doors and two entrance doors. The second floor, which will be accessible by 53-foot tractor-trailers via separate double-wide up and down ramps, will feature 33-foot clearances, 28 dock doors and two entrance doors.
“The importance of this site cannot be underestimated. This is what a true last-mile urban distribution center looks like,” JLL said. Michael Conway.
“The 1237 West division provides flexibility for businesses that need to be closer to their customers,” said Leslie Lanne, manager of JLL’s urban infill group. “It gives them access to a modern distribution space, which is sorely lacking in markets in urban centers.”
Chicago Walsh Building and Riteway-Huggins Construction will be the general contractors of the project with Ware Malcomb, Engineering V3and DCI Engineering providing architecture, civil engineering and structural engineering services respectively.
About Logistics Property Co.
Logistics Property Company, LLC (LPC) is an industrial real estate company focused on the acquisition, development and management of modern logistics properties. The group is led by a diverse management team that averages over 25 years of experience and has developed over 55.3 million square feet of logistics buildings since 1995. LPC is headquartered in Chicago and has over 70 employees strategically distributed in eight offices. Its portfolio currently includes 52 buildings across 23 million square feet in major North American logistics markets, with an estimated final value of over $3 billion. For more information, please visit logisticpropco.com and follow @logisticspropco.
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CONTACT: Jude Fitzgerald
Marketing Director, Logistics Property Co.
+1 708 667 6972
KEYWORD: ILLINOIS UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: REIT LOGISTICS/SUPPLY CHAIN MANAGEMENT TRANSPORTATION COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY
SOURCE: Logistics Property Company, LLC
Copyright BusinessWire 2022.
PUB: 11/05/2022 12:30/DISC: 11/05/2022 12:32
Copyright BusinessWire 2022.