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 15.09 acres of land in Addison, Illinois in DuPage County, a centrally located logistics distribution hub with strong local demographics and an abundance of surrounding skilled labor.
Swift & Lake, which sits on the southeast corner of Swift Road and Lake Street, is located only 25 miles northwest of downtown Chicago. The project is just 0.25 miles from the I-355 four-way interchange, 1.5 miles from I-290, 8 miles from I-294 and 7 miles from O’Hare International Airport, providing easy access to the greater Chicago metropolitan area and beyond.
“Large Class A infill properties are a scarcity in DuPage County – even more so in a location this strategic,” said Aaron Martell, LPC’s Executive Vice President – Midwest Region. “We’re fortunate Doug believed in us to execute a five-parcel assemblage. You hold on to a site like this.”
Construction will commence immediately with delivery expected in the second quarter of 2020. LPC is constructing two high profile facilities totaling 274,855 square feet that will likely draw tenants from O’Hare and other areas of Cook and Northeast DuPage Counties. Doug Pilcher, Director of Brokerage Services at Cushman & Wakefield is leasing the project.
“The 15-acre site at Swift & Lake is one of the last remaining in-fill locations in Northeast DuPage County, a submarket that’s currently at 3.1% vacancy, the lowest rate ever recorded,” said Mr. Pilcher. “There has not been an industrial speculative development in Addison for over 10 years, primarily because you can’t find the land.”
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.
Swift & Lake is LPC’s sixth active project in the Midwest with 94 Logistics Park in Kenosha, Wisconsin; LogiPark 57-80 in Country Club Hills, Illinois; Brewster Creek Logistics Park in Bartlett, Illinois, 3711 South Ashland Avenue in Chicago, Illinois and 550 Center Avenue, Carol Stream, Illinois.
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 (Macquarie) 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.