Midwest Industrial Funds Breaks Ground on 245,000-SF Spec Building
Joint Venture of PCCP, LLC and Midwest Industrial Funds to Develop a Class A, 245,000-SF Industrial Facility in Chicago Submarket
August 18, 2022
A joint venture of PCCP, LLC and Midwest Industrial Funds has announced it will develop a 245,002 square foot, Class A industrial facility located at 8701 W. 53rd Street in McCook, IL. The property is located 12 miles southwest of downtown Chicago and is within one of the highest-performing industrial submarkets in the 1.5 billion square foot greater Chicago market. The property is now under construction and is anticipated to be shell complete in the spring of 2023.
“PCCP is pleased to partner with Chicago-based Midwest Industrial Funds, who we have worked with before on industrial asset development and investment in the region,” said Alexandra Schultz (Vice President) with PCCP. “We are excited to provide new supply to McCook, which is a core industrial location that has been favored by institutional investors and tenants due to its dual-interstate access and drivability to both O’Hare and downtown Chicago.”
Situated on a 14.9-acre site, the 36’ clear height rear-loaded building will include 40 exterior docks, a 130’ depth truck court, two drive-in doors, and 271 car parking spaces. The facility can accommodate single-tenant or multi-tenant leasing and both the exterior docks and car parking are expandable.
The McCook industrial submarket is adjacent to I-55, one of the most important interstates that serve the Chicago MSA. The property is also four miles from the I-55 / I-294 junction, providing tenants immediate access to both an east-west and a north-south expressway. Via I-55, tenants can reach downtown Chicago in 25 minutes while I-294 provides access through many of Chicago’s densely populated suburbs. Additionally, the location offers direct routes to both O’Hare International Airport via I-294 and Midway International Airport via both I-55 and Archer Ave. Vacancy in the submarket is approximately 1.8% due to the lack of new supply and consistent occupancy from a wide range of tenants that require close-in distribution locations. CBRE served as the advisor for this transaction.