February 27, 2018
Chicago – Ridge, the industrial development arm of Transwestern Development Co., today announces it has acquired 10.5 acres immediately southeast of O’Hare International Airport for a 178,516-square-foot speculative industrial project. As one of the newest offerings in the O’Hare submarket, the project will feature 32-foot clear height, low Cook County 6b taxes and premier visibility at the corner of Belmont Avenue and River Road. Ridge will break ground in mid-2018 with expected delivery at the end of the year.
“We are excited for the rare opportunity to deliver modern infill distribution space in an O’Hare submarket that has significant barriers to entry,” said Kevin Mohoney, Vice President at Ridge. “O’Hare Gateway Logistics Center will efficiently offer small-block modern space to a core segment of the O’Hare market that is perpetually underserved due to incredible land constraints.”
Located at 9100 W. Belmont Ave. in Franklin Park, the site is proximate to several key transportation hubs, including O’Hare International Airport, O’Hare’s South Cargo entrance, Canadian Pacific’s Bensenville Intermodal, and Interstate 294. In addition, the site provides access to a deep and talented labor pool as well as both local and regional transit for employees.
“The O’Hare submarket remains one of the healthiest and most robust markets in Chicago and is consistently one of the top markets in the country,” said Mohoney. “We look forward to executing on this opportunity which will create a meaningful addition to the submarket and an irreplaceable asset for our equity partner.”
Jonathan Kohn of Colliers International has been retained as listing agent for the project. Design and engineering of the project will be handled by Harris Architects and Manhard Consulting, respectively.
Ridge, the industrial arm of Transwestern Development Co., is a leading provider of corporate real estate development and investment in state-of-the-art warehouse, distribution and manufacturing facilities throughout North America. Ridge’s principals have been involved in the development, construction, ownership and management of more than 125 million square feet of institutional-quality real estate and have an average 25 years of experience in the real estate industry. Ridge is based in Chicago, with regional offices across the U.S. in Atlanta, Dallas, Los Angeles, Houston and Harrisburg, Pennsylvania.