Dermody Properties Acquires 34 Acres
ermody Properties and AEW Capital Management Acquire 34 Acres in McCook, Ill.
Will develop industrial park comprised of two facilities totaling 662,700 SF
CHICAGO, Ill. -- Dermody Properties, a national industrial development firm headquartered in Reno, Nev., in partnership with AEW Capital Management, recently announced the purchase of 34 acres of vacant land in the McCook II Business Park. The site is located at 1st Avenue at 47th Street in McCook, Ill., just 11 miles from downtown Chicago. The project will be known as LogistiCenter McCook and will feature two state-of-the-art industrial facilities totaling 662,700 square feet. AEW is partnering in the development on behalf of AEW Partners VII,L.P., an opportunistic real estate fund.
The buildings, which will be developed concurrently, will be designed for industrial manufacturing and distribution operations. Dermody Properties expects to break ground in late 2013 and deliver the buildings in the third quarter 2014.
“McCook is an outstanding location for manufacturing and distribution companies from a transportation perspective, and it is especially well-suited for the food and beverage industry that serves Chicago,” said Brian Quigley, partner, Dermody Properties Midwest Region Office. “The strategic location at the entrance ramp onto I-55 provides access to both downtown Chicago and I-294 to serve suburban Chicago.”
McCook has a unique combination of convenient location, highway access, heavy infrastructure and economic benefits in the form of 6B tax incentive and enterprise zone designation -- making it an ideal location for an industrial user in metro Chicago.
Building #1 in LogistiCenter McCook will be 351,900 RSF at 32’ clear with a building depth of 300’, ample car parking at 289 stalls, 4 drive in doors and 74 dock positions. Building #2 will be 310,800 RSF at 32’ clear with a building depth of 280’, car parking at 343 stalls, 4 drive in doors and 70 dock positions.
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 the most innovative companies. 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.
“This development represents another step in our national development strategy,” said Douglas A. Kiersey, Jr., president of Dermody Properties. “Our focus has always been on developing state-of-the-art facilities that allow our customers to more efficiently serve key markets throughout the country.”
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 $36 billion of capital invested in $49.7 billion of property and securities in North America, Europe and Asia (as of June 30, 2013). 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.