Brennan Investment Group LLC and DLJ Real Estate Capital Partners LLC recently announced the acquisition of about 8 acres of land in Des Plaines, Ill.
Located at 1780 Birchwood Avenue, close to I-90 and I-294, the site has been purchased for a development project in Chicago’s O’Hare Industrial submarket. The partnership plans to build the Northeast O’Hare Industrial Center, a state-of-the-art warehouse and distribution building. The 140,000-square-foot building will feature a 32-foot clearance height, ample loading, trailer parking, and auto parking.
“The Chicago industrial market – one of the most diverse in the nation – has seen resurgent tenant demand evidenced by three consecutive years of positive net absorption,” says Scott McKibben, co-founder and managing principal of Brennan Investment Group. “For this development, we were particularly attracted to the market fundamentals of the O’Hare area, where vacancy has declined five full percentage points in the past two years and now stands at 8.10 percent. We are confident that with year-to-date net absorption of 1.3 million square feet, the O’Hare market is ready for development projects.”
Jonathan D. Kohn and Thomas C. Rodeno of the Colliers International team have been retained to market the property on behalf of DLJ Real Estate Capital Partners and Brennan Investment Group.
Designed to serve the increased demand for warehouse, assembly and distribution spaces, the property will be built to a LEED standard.
“The property will be attractive to future tenants due to its proximity to the interstate system and its central location, one mile from Chicago’s O’Hare International Airport,” McKibben says.
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