Speculative Project in I-88 Corridor Slated for Late 2022 Completion
September 14, 2021
CHICAGO A joint venture of PCCP, LLC and Transwestern Development Company (TDC®) has announced plans to develop a speculative 173,400-square-foot industrial facility at 950 Ice Cream Drive in North Aurora, Illinois, which is part of the active I-88 Corridor. Construction will begin in October 2021 and is expected to be complete in second quarter 2022.
“Demand for modern industrial space continues to surge and this facility will suit the needs of companies seeking quality warehouse space in a submarket that offers both accessibility and a skilled workforce,” said Ted Staszak, Vice President of Development at TDC.
Situated on a nine-acre parcel, the project is located in the heart of the Far West Suburban submarket adjacent to Interstate 88 and approximately 40 miles west of the Chicago CBD. The Class A building will feature 36-foot clear height, 42 trailer parking stalls, and abundant car parking and exterior docks.
“The I-88 Corridor is one of the most steady, resilient industrial submarkets in Chicago and PCCP is pleased to be Transwestern’s partner on a project that has been thoughtfully designed to appeal to the widest segment of the submarket’s tenant base,” said Tina Ramos, Senior Vice President at PCCP.
The I-88 Corridor industrial vacancy rate is 5.1% as of second quarter 2021, according to Transwestern research. Anchored by the dense population base in the western suburbs, the submarket is home to a diverse array of industrial users spanning distribution and light manufacturing and representing a combination of local, regional and national credit tenants.
At present, Transwestern Development Company has 34 industrial projects totaling 18.4 million square feet under construction or in pre-development planning stages nationwide, including more than 8.95 million square feet in the Midwest since 2012.
Rendering is available for download here.
About PCCP, LLC
PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $13.1 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 23-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has managed, raised or invested over $26.0 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.
About Transwestern Development Company
Transwestern Development Company (TDC®) creates value through the execution of development projects for itself, its partners and valued clients throughout the United States. Part of the Transwestern companies, the diversified business develops logistics, multifamily, office, mixed-use and healthcare properties, with a pipeline of projects in process or completed since 2012 exceeding $7.1 billion.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. Through an integrated, customized approach that begins with good ideas, the firm drives value for clients across commercial real estate services, development, and investment management. Operating from 33 U.S. offices, Transwestern extends its platform capabilities globally through strategic alliance partners whose unique geographic, cultural, and business expertise fuels creative solutions. Learn more at transwestern.com and @Transwestern.