CHICAGO--(BUSINESS WIRE)--Logistics Property Company, LLC (LPC), a logistics real estate platform focused on the acquisition, development and management of state-of-the-art logistics properties in key North American markets, today announces the acquisition of 11.79 acres of land in Carol Stream, DuPage County, Ill., a centrally located logistics distribution hub with strong local demographics and an abundance of surrounding labor.
550 Center Avenue, as it has been named, is located only 29 miles west of downtown Chicago. The site offers easy access to major transportation routes via North Avenue (Route 64) only 1.5 miles to the south. The project is just 5 miles from I-355, 7 miles from the I-355/I-290 interchange and 15 miles from O’Hare International Airport, providing easy access to the greater Chicago metropolitan area and beyond.
“We’re excited about bringing this one out,” said Aaron Martell, LPC’s Executive Vice President – Midwest Region. “Our DuPage County strategy continues to get dialed-in. This is one of the last good sites in the sub-market.”
The property is located in Central DuPage where limited available Class A space creates an opportune time for redevelopment. LPC is planning a 185,796 square foot single load facility with 47 trailer parking stalls, which are a rarity in the surrounding area.
Construction will commence immediately with delivery expected in the first quarter of 2020. Irv Gilner, Executive Vice President at Transwestern Commercial Services is leasing the project.
“The transformation of this property from a recycling center to a Class-A logistics building emphasizes LPC’s commitment to improve the business environment in Carol Stream’s booming industrial sector, said Mr. Gilner. “We’re confident this building will attract a top-tier employer for Carol Stream.”
LPC’s success is based on delivering tenants the greatest amount of value at the lowest cost of occupancy. Users benefit from our innovative, thought-leading real estate solutions that reduce the expense of freight, labor, taxes, maintenance, and insurance while providing a balanced and amenity driven work environment. Deploying a hub and spoke strategy, from mega warehouses to last mile infill connections, we pursue opportunities where these value solutions most readily exist.
550 Center Avenue is LPC’s fifth active project in the Midwest with 94 Logistics Park in Kenosha, Wis.; LogiPark 57-80 in Country Club Hills, Ill; Brewster Creek Logistics Park in Bartlett, Ill; and 3711 South Ashland Avenue in Chicago, Ill. LPC is quickly gaining momentum as its national, strategically located leadership team has an average of 25 years’ experience in the real estate industry.
LPC anticipates closing on additional properties in Pennsylvania, Texas, the Midwest and the Pacific Northwest in the near term, as part of a development pipeline of approximately 20 million square feet. The company is targeting leading industrial markets across the U.S. with strong population demographics and significant in-place infrastructure.
About Logistics Property Co.
Logistics Property Company, LLC (LPC) is a logistics real estate platform focused on the acquisition, development and management of state-of-the-art logistics properties in key North American markets. The management team of LPC partnered with MIRA Real Estate on the formation of the platform. LPC currently manages properties in key logistics markets including Dallas, Houston, Chicago and Seattle-Tacoma with an estimated end-value of over $1.25 billion. Headquartered in Chicago, LPC has offices in Atlanta, Dallas, Houston, Los Angeles and Seattle with office openings slated for Philadelphia and Miami. For further information, please visit logisticspropco.com and follow us @logisticspropco.