Panattoni Development is building a 765,000-square-foot speculative warehouse in Aurora, the latest project looking to seize on the Chicago-area’s red-hot industrial market.
The Newport Beach, California-based developer is building the Orchard Gateway complex on Orchard Road at Interstate 88. Panattoni recently acquired the 53-acre site, but would not disclose how much it paid for it. Sources said it was $11.9 million.
Colliers International’s Brian Kling and Reed Adler represented Panattoni in the acquisition.
Colliers said Orchard Gateway will be the largest active construction project in the I-88 Corridor, and one of the largest industrial buildings ever constructed within the submarket.
Divisible to 300,000 square feet, the building will be available for occupancy in the third quarter of 2019. Alston Construction is the builder and Harris Architects is designing the complex.
The Chicago industrial market saw 10.1 million square feet of new leases or lease expansions in the third quarter, the most activity since 2015, with, according to a Colliers report.
Developers in the third quarter launched more industrial projects than at any time in the past two years, with some 26 developments totaling 7.2 million square feet getting underway, Colliers reported.Recommend0 recommendationsPublished in