Hamilton Partners to launch 134,000 SF speculative industrial project in Wheeling
CHICAGO – June 13, 2016 – CBRE assisted Frito Lay in the sale of 13.9 acres at 800 Northgate Parkway in Wheeling, Ill. to Hamilton Partners. The Itasca, Ill.-based developer plans a 134,593-squre-foot speculative industrial facility at the site.
Ryan Bain, senior vice president, and Zachary Graham, first vice president, represented Frito Lay in the sale, and have been retained by Hamilton Partners to represent the spec industrial project.
The site is located in northeast Cook County, just south of Lake Cook Road and approximately three miles west of I-94 and I-294.
“This is an excellent location in a dense industrial submarket with a 2.6% vacancy rate” said Bain. “The industrial base in this area consists primarily of 30-40 year old product. The highly efficient, state-of-the-art spec facility will be well received by occupiers in the North Chicago suburbs.”
According to CBRE Research, the northeast Cook County market had a vacancy rate of 2.6 percent in the 1st quarter of 2016, making it one of the tightest markets in the Chicago area.
The project from Hamilton Partners, named 800 Northgate Parkway, will feature 134,593 square feet that can be divided to 50,000 square feet. Additional features include 32’ clear height, 35 exterior docks, additional land for car or trailer parking, and a 6B tax incentive.
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CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
