The I-55 Corridor’s declining vacancy rates and increased tenant demand moving ahead of supply fueled HSA’s decision to move forward with the development of Park 355 in Woodridge, Illinois. Partners working with HSA had already acquired over one million square feet of industrial space in the Will County area and chose HSA to develop Park 355 due to their strong knowledge of the real estate marketplace. The project sits on a 37-acre development site and consists of three buildings (two of the three have completed construction). Phase I consists of an existing 254,450-square-foot building and Phase II is a 180,480-square-foot facility. Phase III is planned for the near future.
HSA began construction of Park 355 in early 2013 and completed the project in November of that same year. By monitoring the trends closely and having them validated through real estate experience in the Will County area, HSA was confident to deliver and lease new product for specific user groups.
Phase I is fully occupied to industrial companies in the business services, manufacturing and transportation industries. Phase II currently has an occupancy rate of 60% and is presently leased by three separate industrial tenants and is predicted to become 100% leased by next quarter.
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