search

The Real Deal Logo

Trending

H-E-B snags 21 acres in Celina, hinting at development boomH-E-B snags 21 acres in Celina, hinting at development boomMacerich faces “imminent” default on $300M Santa Monica Place loanMacerich faces “imminent” default on $300M Santa Monica Place loanLawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aHGTV’s “Mr. Flip It” gets four years in jail for $10M fraudHGTV’s “Mr. Flip It” gets four years in jail for $10M fraud
Commercial
Chicago

Homewood golf course could be transformed into 800K sf logistics hub

Owner of Calumet Country Club in Homewood seeks to take advantage of industrial market boom

Golf course / Industrial park (Credit: iStock)
Golf course / Industrial park (Credit: iStock)

The owner of the 18-hole Calumet Country Club in Homewood is eyeing a massive transformation of the 130-acre golf course into a sprawling industrial park.

Arizona-based Diversified Partners wants to sell the property at 2136 175th Street, with the potential for a developer to build 800,000 square feet of warehouses and distribution facilities, according to the Chicago Tribune, citing CBRE. Diversified recently hired the real estate services firm to market the property.

Diversified acquired the country club in 2018; redevelopment plans have been met with opposition from the community. The course dates to 1901, but the golf industry nationwide has softened in recent years, and developers have pounced on the opportunity.

Sign Up for the undefined Newsletter

The industrial sector has been among the few bright spots in real estate during the pandemic. Amazon, for example, has been on a logistics and warehouse leasing tear, and recently announced plans to open 1,000 warehouses in suburbs across the country.

Industrial vacancy rates are down throughout the Chicago market, with an overall rate of 2.6 percent, according to CBRE. In the third quarter, the industrial vacancy rate in the south suburban submarket was 2.7 percent.

The Calumet Country Club redevelopment would add to the retail-to-industrial trend. Malls have become prime targets for distribution hubs, again with Amazon leading the way, in a reported deal with Simon Property Group. [Chicago Tribune] — Akiko Matsuda

Read more