HSA Commercial Real Estate and New York-based Clarion Partners LLC today jointly announced the start of construction on a state-of-the-art 757,880-square-foot warehouse building on a 46-acre land site near the I-55 and I-80 interchange in Shorewood, Ill. The new distribution center is being developed on a speculative basis and will feature 36-foot clear heights, 108 truck docks, and 240 parking spaces for employees and visitors. Site work on Heartland Corporate Center is already underway with tenant occupancy planned for early 2019.
The 46-acre development site, which was recently annexed by the Village of Shorewood as part of the project’s entitlement process, is accessible and visible from both I-55 and I-80. Given the area’s vital importance as a national logistics and distribution hub, the I-55 industrial real estate submarket has experienced the largest number of new warehouse developments in the Chicagoland area.
“Despite the unprecedented growth and development in the I-55 corridor over the last couple years, absorption and demand have remained extremely strong which speaks to the strategic value of the market for large warehousing and logistics firms,” said Robert Smietana, vice chairman and CEO with HSA Commercial Real Estate. “We feel very confident about a quick lease-up based on the interest we have experienced thus far for Heartland Corporate Center, which is the single largest warehouse building we have developed in our company’s history.”
Rosemont, Ill.-based Meridian Design Build is the general contractor for the development, and David Bercu and Matthew Stauber of Colliers are responsible for project leasing.
About HSA Commercial Real Estate
Founded in 1981, Chicago-based HSA Commercial Real Estate is a diversified, full-service real estate firm specializing in office, industrial, retail and health care real estate leasing, management, marketing, development and financing on a national basis. Along with developing and acquiring more than 100 million square feet of commercial real estate across the United States, with a total consideration in excess of $6 billion, HSA Commercial Real Estate has represented owners and tenants in more than 10,000 transactions in 43 states; manages a property portfolio in excess of 14 million square feet in locations across the nation; and owns more than 10 million square feet of commercial property throughout the country.
About Clarion Partners
Clarion Partners, an SEC registered investment adviser with FCA-authorized and FINRA member affiliates, has been a leading U.S. real estate investment manager for more than 36 years. Headquartered in New York, the firm has offices in Atlanta, Boston, Dallas, London, Los Angeles and Washington, DC. With more than $46.6 billion in total assets under management, Clarion Partners offers a broad range of both debt and equity real estate strategies across the risk/return spectrum to its more than 300 domestic and international institutional investors. More information is available at www.clarionpartners.com.