A joint venture of DeBartolo Development and Location Finders International Real Estate has begun work on a massive spec shipping warehouse in south suburban Monee as the region’s industrial market continues to thrive.
The Tampa, Florida-based DeBartolo and Mokena, Illinois-based Location Finder have hired CBRE to market the 879,000-square-foot warehouse, which is set to be completed by next spring, according to RE Journals.
The 61-acre property at 25101 South Ridgeland Avenue is about 35 miles south of Downtown Chicago. It’s also near a cluster of existing warehouses operated by Amazon, XPO and Revolgistics.
Plans for the complex include 36-foot ceilings, 100 dock doors and 346 trailer stalls.
DeBartolo lists 20 residential and retail projects in its portfolio, including four in Illinois. It collaborated on the Optima Signature Tower, which opened in River North in 2017.
Vacancy rates are holding steady for Chicago-area industrial properties despite millions of square feet coming online every quarter, as e-commerce companies feed their demand for new shipping and logistics spaces.
Industrial development has been especially hot in the O’Hare submarket, where the vacancy rate has dipped below 5 percent this year. [RE Journals] — Alex Nitkin