CHICAGO–(BUSINESS WIRE)–Logistics Property Company has closed on the land acquisition and received City Council approval for the development of the first multistory industrial project in Chicago. 1237 West Division, as the project is known, will feature 600,000 square feet of logistics space across two floors and offer both rooftop parking and an adjacent five-story parking garage.
The 11.5-acre site is immediately adjacent to the full four-way interchange at Division and Elston in Chicago’s near-north Goose Island neighborhood. The location is 3.5 miles to the heart of the Chicago Loop, 15 miles to Chicago O’Hare International Airport, and offers $2 billion in annual eCommerce sales within a five-mile radius.
“We’re thrilled to have closed on the land and received City Council approval for the project,” said Aaron Martell, Executive Vice President – Central Region at LPC. “Bringing the first multistory logistics building to Chicago is a big win for our team.”
The project will have direct loading on the first and second floors, each with a 135-foot truck court. The first floor will feature 36-foot clear heights, 28 dock doors and two drive-in doors. The second floor, which will be accessible by 53-foot tractor-trailers via separate up and down double-wide ramps, will feature 33-foot clear heights, 28 dock doors and two drive-in doors.
“The importance of this site cannot be understated. This is what a true urban last-mile distribution center looks like,” said JLL’s Michael Conway.
Michael Conway will join Leslie Lanne, Dan McGillicuddy and Gavin Stainthorpe from JLL in leasing and marketing the project for LPC.
“1237 West Division provides flexibility for companies who must get closer to their customers,” said Leslie Lanne, head of JLL’s urban infill group. “It gives them access to modern distribution space, which urban core markets are severely lacking.”
Chicago’s Walsh Construction and Riteway-Huggins Construction will be the general contractors on the Project with Ware Malcomb, V3 Engineering, and DCI Engineering providing architectural, civil engineering, and structural engineering services respectively.
About Logistics Property Co.
Logistics Property Company, LLC (LPC) is an industrial real estate company focused on the acquisition, development, and management of modern logistics properties. The group is led by a diverse management team that averages more than 25 years of experience and has developed more than 55.3 million square feet of logistics buildings since 1995. LPC is headquartered in Chicago with more than 70 employees strategically located across eight offices. Its portfolio currently comprises 52 buildings across 23 million square feet in key logistics markets across North America with an estimated end value of more than $3 billion. For further information, please visit logisticspropco.com and follow @logisticspropco.