The Opus Group (Opus) announced today plans to construct a 1.2 million-square-foot speculative industrial warehouse in the I-80 submarket of Chicago. The project will be located in Joliet, near the intersection of U.S. Route 6 and Hollywood Road, on 75 acres of land that Opus purchased from Ketone Partners. The development will be a joint venture with AEW Capital Management, L.P. on behalf of one of its institutional separate account clients (AEW).
“After months of planning, we’re excited to begin construction for the Joliet project and to partner with AEW,” said Mike Yungerman, vice president, real estate development, Opus Development Company, L.L.C. “Opus has deep expertise in industrial developments and that, combined with understanding the individual needs of markets, has resulted in the completion of many successful speculative projects of all sizes regionally and across the country.”
The building will feature 36-foot clear height, more than 200 loading docks, up to 450 trailer positions, parking for 225 cars with room for expansion and an ESFR (Early Suppression Fast Response) sprinkler system. The facility is located less than one mile away from I-80 and will provide easy access to the interstate via the Houbolt Road interchange.
“Our Joliet project is a great example of how months of hard work and creative thinking can transform a piece of ground into a successful real estate development,” said Kyle Schuhmacher, president, Ketone Partners. “We assembled a great team of engineers and subcontractors that helped turn the site challenges into opportunities.”
The speculative building will be able to accommodate a single user or up to two tenants of 500,000 square feet or greater, and will be ideal for users in the e-commerce and intermodal logistics industries. Construction of the facility is scheduled to begin spring 2017 with a formal groundbreaking ceremony taking place in May. The project is slated for completion in summer 2018.
Opus’ recent portfolio of work includes more than 6.9 million square feet of industrial developments currently under construction or completed in the past 24 months across the United States, including the Paragon Business Park in nearby Romeoville. Beyond this recent work in the sector, Opus’ local work includes an additional 1.8 million square feet of distribution space at nearby Minooka Ridge.
Opus Development Company, L.L.C. will be the developer, Opus Design Build, L.L.C. will be the design-builder and Opus AE Group, L.L.C. will be the architect and structural engineer of record. NAI Hiffman represented Ketone Partners in the sale of the land and Eric Tresslar and Steve Connolly of NAI Hiffman will market the property for lease.