June 27, 2022 9:00 AM
Newmark announces the construction of Huntley Commercial Center, a state-of-the-art industrial development totaling approximately 718,207 square feet on 60.8 acres in Huntley, Illinois. Construction has begun on a speculative, 540,960-square-foot Class A industrial building that is slated for delivery in late 2023. There is an additional 11.6-acre site for a future 177,320 square foot industrial build-to-suit that is available for immediate development.
Newmark Senior Managing Director Adam Marshall, SIOR, CCIM and Director Mark Deady, CCIM will serve as exclusive leasing advisors for the property, representing the developer HIP, a joint venture among affiliates of Craig Realty Group, Inc., The Prime Group, Inc., and The Capital Companies. HIP has already secured the construction materials, heading off one of the major challenges to industrial development in the region—long lead times for steel and precast slabs. Development Solutions, Inc. is the general contractor and Ware Malcomb is the architect on the project.
“A site for large-scale speculative development in the I-90 corridor that can accommodate an industrial/distribution tenant over 500,000 square feet that is already zoned, improved and ready for immediate development is critical right now,” said Marshall.
Deady added, “With the building materials already secured, the imminent construction of this development will be timed to deliver to a market with very little Class A industrial availability, providing a much-needed option for larger tenants in the market.”
The speculative building will measure 540,960 square feet and will feature 36-foot clear height, 357 parking stalls, 90 trailer parking stalls, 100 exterior docks, four drive-in doors and is suitable for any type of distribution or industrial use in a business park setting. The property is situated along I-90 located one mile east of the four-way interchange at I-90 and Route 47 in Huntley. It features 2,000 feet of frontage along I-90, making it one of the premier locations for industrial/distribution facilities in the northwest I-90 corridor, including the opportunity for as-of-right building signage and monument signage along I-90.
The four-way interchange at Route 47 and I-90 is an ideal location for industrial/distribution facilities, as evidenced by the adjacent 800,000-square-foot global distribution center developed for Weber Grill in 2015; the new, 1,789,336-square-foot Amazon distribution campus across the street; as well as many other industrial properties developed recently along the I-90 corridor.
Chicago’s industrial market continues to set records and shows no signs of slowing down. According to Newmark Research, vacancy hit a record low of 4.4%, falling 60 basis points in the first quarter of 2022 and 180 basis points year-over-year. The historic run of positive quarterly absorption continues with 10.84 million square feet of absorption in the first quarter while leasing volume reached 18.2 million square feet, pushing availability from 81.5 million square feet to 66.8 million square feet. Industrial construction continues to boom—despite no change in material and pricing challenges—with 25.1 million square feet currently under construction.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of nearly $3.1 billion for the twelve months ending March 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 6,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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