CHICAGO, Nov. 19, 2013 /PRNewswire/ -- Brennan Investment Group and DLJ Real Estate Capital Partners announced their acquisition of approximately 8 acres of land at 1780 Birchwood Avenue in Des Plaines, IL for a development project in Chicago's O'Hare submarket. Within close proximity to I-90 and I-294 in Chicago's O'Hare Industrial submarket, the partnership will construct the Northeast O'Hare Industrial Center - a state-of-the-art warehouse and distribution building totaling approximately 140,000 square feet, featuring 32' clear height, ample loading, trailer parking, and auto parking. The property is designed to serve the significant demand for warehousing, assembly, and distribution uses, and will be built to a LEED standard.
"The Chicago industrial market – one of the most diverse in the nation - has seen resurgent tenant demand evidenced by three consecutive years of positive net absorption," said Scott McKibben, Co-Founder and Managing Principal of Brennan Investment Group. "For this development, we were particularly attracted to the market fundamentals of the O'Hare area, where vacancy has declined five full percentage points in the past two years and now stands at 8.10%," he added. "We are confident that with year-to-date net absorption of 1.3 million square feet, the O'Hare market is ready for development projects."
"The property will be attractive to future tenants due to its proximity to the interstate system and its central location, one mile from Chicago's O'Hare International Airport," said McKibben.
The Colliers International team of Jonathan D. Kohn and Thomas C. Rodeno has been retained to market the property on behalf of Brennan Investment Group and DLJ Real Estate Capital Partners.