Groundbreaking of University Park Logistics Center
Hillwood and Clarius Partners have marked a significant milestone with the groundbreaking of the University Park Logistics Center, a substantial industrial facility spanning approximately 970,123 square feet. This development aims to enhance logistics capabilities in a strategic area close to a major interstate.
Strategic Location and Market Access
Located just minutes from the I-57 interchange, this site offers excellent access to local and national markets, effectively reaching around 85.5 million people within a day's drive. The project's location will significantly benefit from Will County's competitive real estate tax structure and available incentives, promoting long-term value for its future users.
Positive Market Outlook
Experts in the industry express optimism about the necessity of such developments. According to brokers involved in the project, the recent demand for large, well-designed industrial spaces has left a void in the market. The timing for this development aligns perfectly with the current needs, making it a strategically advantageous move.
Project Highlights
The University Park Logistics Center boasts several impressive features that underline its importance in the logistics framework:
Building Size
With a planned size of approximately 970,123 square feet, this facility is designed to meet the demand for large-scale distribution.
Access and Connectivity
The project emphasizes exceptional connectivity through various transportation modes, ensuring efficient movement of goods and resources.
Comments from Company Leaders
Rachel Agba-Novak, Vice President of Transactions and Development at Hillwood, addressed the project's importance, stating that it will add significant logistics capacity to a market where high-quality facilities are considerably lacking. She highlighted the development's role in attracting investment, creating new jobs, and solidifying the area’s critical position in national supply chains.
Future Prospects
As Hillwood continues its expansion across the Midwest, this project represents a crucial step in bolstering the region’s logistics capabilities. Clarius Partners' Executive Vice President, Taivo Tammaru, also expressed enthusiasm about the collaboration, stating their commitment to delivering exceptional solutions to meet industrial demands.
Contact Information
For those interested in leasing opportunities or requiring more information about the University Park Logistics Center, inquiries can be directed to David Bercu and Jim Estus, both established brokers with extensive experience in the sector.
About Hillwood and Clarius Partners
Hillwood is recognized for its significant footprint in the industrial property market, with millions of square feet of development across various locations. Their proactive approach to acquiring well-positioned land underlines their commitment to meeting evolving market demands. Similarly, Clarius Partners brings a wealth of experience in real estate investment and development, focusing on diverse projects that include industrial and office spaces.
Frequently Asked Questions
What is the purpose of the University Park Logistics Center?
The center aims to provide additional industrial space to meet growing market demands in logistics and distribution.
Where is the University Park Logistics Center located?
It is strategically situated near the I-57 interchange, facilitating efficient access to regional markets.
Who is involved in this project's development?
The project is being developed by Hillwood in partnership with Clarius Partners.
What are some notable features of the development?
The center will feature approximately 970,123 square feet of space, exceptional labor availability, and multimodal transportation options.
How will this development impact the local economy?
It is expected to create jobs, stimulate investment, and enhance the local supply chain's efficiency.
