Logistics Property Co. has purchased a nearly 6-acre site in Elk Grove Village, Ill., with plans to start construction on an industrial development in May. The site is just west of Chicago O’Hare International Airport and traded for $10.5 million, according to DuPage County public records. The purchase was arranged in-house, with help from Cresa.
The company plans to develop a 123,000-square-foot rear-load industrial facility, situated at 2700 York Road. Completion is estimated for the second quarter of 2026. The development team includes Jacob & Hefner Associates as civil engineers.
The upcoming industrial property will feature 16 dock doors, two drive-in doors and 124 vehicle parking spots. The site provides quick access to interstates 390, 294 and 90.
Logistics Property Co.’s team of Executive Vice President Aaron Martell and Vice President Ben Fish worked on the land acquisition, with the assistance of Cresa Managing Principal Ed Lowenbaum.
Recent projects added to Chicago’s pipeline
As of January, Midwestern industrial markets recorded increased construction activity compared to one year prior, according to a recent CommercialEdge report. Despite current industrial real estate trends reflecting slow development activity, notable markets in this region placed in the top metros by square feet underway. Chicago’s industrial pipeline included 5.8 million square feet as of January—the third-largest pipeline in the Midwest.
Recent developments in the metro include Eli Lilly and Co.’s new manufacturing facility in Pleasant Prairie, Wis. The company acquired the facility in April last year and plans a $3 billion investment to expand its operations, with construction expected to start this year.
In November 2024, Trammell Crow Co. commenced construction on the first building at Plainfield Business Center, in Plainfield, Ill. The 788,000-square-foot warehouse will come online by fall this year, while the industrial campus overall is set to include more than 8 million square feet.