Jack Shaffer, Chairman and Founder of HSA Commercial, Inc., announced today that the firm will break ground this month on a 180,480-square-foot speculative warehouse facility at Park 355 in Woodridge, Ill. To launch the project, HSA Commercial is partnering with Denver-based Industrial Income Trust (IIT), a non-traded real estate investment trust that acquires and operates high-quality distribution warehouses and other industrial properties.
The proposed industrial building, which will feature 30-foot clear heights, frontage on Interstate 355, an ESFR sprinkler system, 49 exterior truck docks, and 4 drive-in doors, will be divisible to 17,580-square-foot suites to accommodate smaller industrial tenants seeking immediate leasing opportunities.
“HSA Commercial experienced a lot of success in attracting a stable, national tenant mix with the first phase of Park 355,” said Craig Phillips, Executive Vice President of Development with HSA Commercial. “We are looking forward to working with IIT to continue that success in Phase II.”
“For industrial tenants around 20,000 square feet, there are not a lot options in the I-55 corridor, especially in the type of Class A industrial space that our project will have to offer,” said Tim Thompson, SIOR, Executive Vice President and Managing Director of the Industrial Services Division at HSA Commercial, who is responsible for the leasing of Park 355’s second phase. “We expect that this will be an attractive opportunity for those smaller tenants that are still struggling to find a spot in the market.”
About Park 355
Located on Internationale Parkway near the junction of Interstate 355 and Interstate 55 in Woodridge, Ill., Park 355 is a 37-acre industrial complex which HSA Commercial began developing in 2006. The project’s first phase consisted of a 254,453-square-foot distribution center leased to national logistics and manufacturing tenants including Ace Hardware, Tricor Braun, and DIK Drugs. In June 2011, IIT purchased the fully-occupied Phase I facility as part of a portfolio sale of industrial assets from HSA Commercial Real Estate and Bridge Development Partners.