An Idaho cold storage developer is looking for tenants at its 213,600-square-foot speculative building in suburban Bedford Park, marking the firm’s first project in the Chicago area as demand for industrial real estate shows no sign of slowing.
CBRE is marketing Cold Summit Development’s Class A freezer and cooler facility, looking for a single or multiple-tenant to lease the property. Cold Summit Development and Pritzker Realty Group are developing the project, which is expected to be completed in the third quarter.
“Vacancy for cold storage buildings in Chicagoland is already under 5 percent as demand continues to grow,” said CBRE’s senior vice president Steve Livaditis, who will market the development. Bringing a new facility in a mostly built-out market will “generate serious interest from these specialized users who greatly benefit from the efficiencies that 47-foot clear heights provide.”
Demand for industrial properties is off to a strong start in Chicago, one of the key logistics hubs for delivering products throughout the Midwest region and across the country.
This month, Taurus Investment Holdings bought 12 industrial properties in Chicago, totaling 780,000 square feet as part of an 18-building acquisition. The purchase brings Taurus’ Chicago holdings to about 5.6 million square feet, the company’s biggest portfolio in the U.S.
Other major deals in February include industrial developer ID Logistics leasing out a 350,000-square-foot warehouse under construction in Romeoville, suburban Chicago, to wholesale beverage distributor Republic National Distributing Company.
Cold Summit Development built cold storage facilities in Dallas, Texas and Glendale, Arizona last year and is looking for tenants to fill the space, according to its website. The firm also has another 30-acre, two-building industrial property in development in Wilmington, North Carolina.