Proximity offers true one-hour delivery to downtown Chicago in a supply constrained market
Logistics Property Company, LLC (LPC), a logistics real estate platform focused on the acquisition, development and management of state-of-the-art modern logistics properties in key North American markets, today announces the acquisition of 6.4 acres of land in Chicago, Ill. Located just one mile from I-55 and two miles from I-94, the project is only 6.5 miles from the Loop, offering true one-hour delivery to downtown Chicago.
The logistics and distribution development site, known as 3711 South Ashland Avenue, sits directly at the southeast corner of Ashland Avenue and West 37th Street. It is a large infill site in a supply constrained market. The project is in close proximity to three CTA stops, two on the Orange Line and one on the Red Line. In addition, the number nine northbound and southbound Ashland bus stops are within 200 feet of the site. The strong availability of public transportation provides local labor easy and convenient access to the site.
“We’re thrilled about having a one-hour delivery site in the city of Chicago,” said Aaron Martell, LPC’s Executive Vice President – Midwest Region. “3711 South Ashland is a rare, large infill opportunity and we’re confident in user demand for Class A space in this location.”
LPC plans to build one 137,000 square foot divisible single load building on the site. Construction is expected to commence in summer 2019 for occupancy in the first quarter of 2020. Tim McCahill, Principal, Lee & Associates and Terry Grapenthin, Principal, Lee & Associates are leasing the project.
“We’re excited to be representing LPC on this project,” said Tim McCahill. “The demand for Class A infill product is extremely active and there’s very little well-located supply.”
“With some of the best available labor and access to public transportation in the Chicagoland market, we believe the project will be ideal for a variety of users, including food processing and distribution, ecommerce, manufacturing and various others,” Mr. McCahill added.
LPC’s success is based on delivering tenants the greatest amount of value at the lowest cost of occupancy. Users benefit from our innovative, thought-leading real estate solutions that reduce the expense of freight, labor, taxes, maintenance, and insurance while providing a balanced and amenity driven work environment. Deploying a hub and spoke strategy, from mega warehouses to last mile infill connections, we pursue opportunities where these value solutions most readily exist.
3711 South Ashland Avenue is LPC’s third active project in the Midwest after 94 Logistics Park in Kenosha, Wis. and LogiPark 57-80 in Country Club Hills, Ill. LPC is quickly gaining momentum as its national, strategically-located leadership team has an average of 25 years’ experience in the real estate industry.
LPC anticipates closing on additional properties in the Midwest, Pennsylvania, Georgia, Texas and Washington as part of a development pipeline exceeding 20 million square feet. The company is targeting leading industrial markets across the U.S. with strong population demographics and significant in-place infrastructure.
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About Logistics Property Co.
Logistics Property Company, LLC (LPC) is a logistics real estate platform focused on the acquisition, development and management of state-of-the-art logistics properties in key North American markets. The management team of LPC partnered with Macquarie Capital Real Estate Investments (MREI) on the formation of the platform. LPC currently manages properties in key logistics markets including Chicago, Dallas, Houston and Seattle-Tacoma with an estimated end-value of over $1.25 billion. Headquartered in Chicago, LPC has offices in Atlanta, Dallas, Houston, and Los Angeles with office openings slated for Seattle, Philadelphia and Miami.
Chief Marketing Officer, Logistics Property Co.
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