CHICAGO, June 25, 2018 (GLOBE NEWSWIRE) -- Black Creek Group, a Denver-based real estate investment manager with approximately $7.9 billion in US assets under management, today announced three new industrial developments in the Chicago area. The projects—a pair of distribution centers near O’Hare Airport with a combined 248,270 square feet and a 131,040 square foot industrial development in Naperville, Ill.—are just the latest Chicagoland investments by Black Creek Group, highlighting the firm’s view that Chicago represents an important commercial hub that is poised for further growth.
“As an inland port with high population density and an established industrial real estate market, Chicago is a core geographic target for us,” said Marty Edmondson, Senior V.P, Market Officer – North Central Region for Black Creek Group. “As for these three properties, they’re examples of our strategy for creating highly optimized industrial spaces in relatively developed areas.”
The two speculative distribution centers in the O’Hare submarket—a 132,270-square-foot building in Mount Prospect and a 116,294-square-foot building in Bensenville—are expected to benefit from their proximity to O’Hare Airport, the second busiest in the country by passengers and sixth busiest by cargo tonnage. “The opportunities in the O’Hare submarket were consistent with our approach of developing modern, high-cube industrial space in land-constrained locations,” said Edmondson, noting that the Bensenville project entails demolishing a smaller, outdated warehouse sitting on part of the combined acreage earmarked for the new facility.
Both buildings can accommodate multiple tenants and will feature 32-foot clear height ceilings and an expandable number of loading docks. The target completion is Q1 2019. CBRE was broker on the sale of both properties and will be marketing the buildings for Black Creek Group.
The project in Naperville is a speculative, multi-tenant industrial development that Edmondson said reflects Black Creek Group’s strategy of investing in infill industrial properties in already-developed areas. He noted that the site is in the I-88 corridor, a central location in the western suburbs of Chicago. The location is expected to appeal to tenants that don’t necessarily need to be in close proximity to Chicago’s central business district, but will appreciate the proximity to the densely populated towns of Naperville, Aurora and other surrounding municipalities. The 32-clear height facility is targeted for completion in Q1 2019. NAI Hiffman acted as broker on the sale and will be marketing the building for Black Creek Group.
About Black Creek Group: Black Creek Group is an experienced real estate investment management and development firm that has bought or built approximately $18 billion of investments over its 25-year history. The company manages diverse investment offerings across the spectrum of commercial real estate – including office, industrial, retail and multifamily. The company has nine offices across North America with more than 300 professionals. Black Creek Group offers a range of investment solutions for both institutional and wealth management channels. More information is available at www.blackcreekgroup.com.