News
Construction Begins on Industrial Park in McCook, IL
Dermody Properties and AEW Capital Management Break Ground in McCook
On June 5 Dermody Properties, a national industrial development firm headquartered in Reno, Nev., AEW Capital Management, and Avison Young held a groundbreaking for LogistiCenter McCook, a two-building industrial complex at 1st Ave. and 47th St. in McCook, Ill.
Located 11 miles from downtown Chicago, LogistiCenter McCook will offer a total of 662,700 square feet of industrial manufacturing and distribution center space at the entrance ramp to I-55, allowing access to both downtown Chicago and I-294 to serve suburban Chicago.
Building #1 in LogistiCenter McCook will be 351,900 square feet at 32’ clear height with a building depth of 300’, ample car parking at 289 stalls, four drive-in doors and 74 dock positions. Building #2 will be 310,800 square feet at 32’ clear height with a building depth of 280’, car parking at 343 stalls, four drive-in doors and 70 dock positions.
“LogistiCenter McCook will be a two-building, state-of-the-art industrial campus with a transportation advantage provided by our location at the full four-way interchange of I-55 and 1st Avenue” said Brian Quigley, partner, Dermody Properties Midwest Region Office. “We are pleased to be breaking ground today and look forward to providing a solution for businesses looking to serve downtown Chicago, suburban Chicago, and the Greater Midwest.”
AEW Capital Management is partnering in the development on behalf of AEW Partners VII, L.P., an opportunistic real estate fund.
Marc Davidson, portfolio manager of the AEW Partners Funds, said “We are actively pursuing industrial development opportunities in premier markets nationwide and believe this is one the most compelling sites we have come across. We are thrilled to be partnering with Dermody Properties on this exciting project.”
Avison Young Principal Brendan Kelly, SIOR, represented Dermody Properties in acquiring the 34-acre site in partnership with AEW Capital Management last year.
“Dermody Properties is known for developing state-of-the-art facilities that allow its customers to more efficiently serve key markets throughout the country,” said Kelly. “This is an excellent location from a transportation perspective, and the tax incentives and enterprise zone designation for this site make it ideal for a variety of industrial users in Metro-Chicago. This is a rare, close-in location just east of the I-294 and I-55 interchange.
“LogistiCenter McCook is another demonstration of our commitment to building state-of-the-art facilities in strategic logistics markets across the country,” said Douglas A. Kiersey, Jr., president of Dermody Properties.
LogistiCenter is a national trademark brand, owned and developed by Dermody Properties. It represents the firm’s business philosophy of developing Class A distribution facilities that meet the supply-chain requirements of its clients. All LogistiCenter facilities are designed to meet best practices in sustainable design and construction, and incorporate building features, such as additional clear height and extra trailer and car parking, that enable companies to execute their operations more effectively and efficiently.
Pictured from left to right: Daniel Glicksman, AEW Capital Management; Charles Sobus, Village of McCook; Jerry Bubash, Village of McCook; Victoria Cernetig, Village of McCook; Robert Mandekich, Village of McCook; Renee Botica, Village of McCook; Mayor Jeffrey Tobolski, Village of McCook; Brian Quigley, Dermody Properties; Brendan Kelly, Avison Young; Paul Laird, United Construction Company.
About AEW
Founded in 1981, AEW Capital Management, L.P. (AEW) provides real estate investment management services to investors worldwide. One of the world’s leading real estate investment advisors, AEW and its affiliates manage over $38 billion of capital invested in $53 billion of property and securities in North America, Europe and Asia (as of March 31, 2014). Grounded in research and experienced in the complexities of the real estate and capital markets, AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum. AEW and its affiliates have offices in Boston, Los Angeles, London, Paris, Hong Kong and Singapore, as well as additional offices in eight European cities. For more information please visit www.aew.com.
About Avison Young
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 1,500 real estate professionals in 58 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family properties.