HSA PURCHASES 8.89 ACRES OF LAND IN NEW LENOX, ILL.
Site slated for 127,400-square-foot multi-tenant spec industrial facility
December 18, 2008
Jack Shaffer, chairman, HSA Commercial Real Estate, announced that the firm has purchased an undeveloped 8.89 parcel of vacant land at 2501 W. Haven Avenue in New Lenox, Ill., and plans to develop a 127,400-square-foot industrial facility on the site, the New Lenox Commerce Center.
The property is strategically located one mile from two 4-way interchanges at I-80 via Route 30 and Briggs Street, is adjacent to Cherry Hill Business Park and provides excellent visibility with 520 feet of frontage along I-80, one of the most rapidly developing submarkets in Chicago. Tim Thompson, executive vice president and managing director of HSA’s industrial brokerage division, represented HSA in the search process and acquisition negotiations for this prime piece of land.
HSA’s development will be aimed at smaller users, with units starting at 23,000 square feet. The majority of the market in the immediate area is targeted towards big box users that lease anywhere from 200,000 square feet to over 1,000,000 square feet. This makes HSA’s planned development a unique opportunity for small to mid-size users who want a more intimately designed facility and want easy access to I-80.
HSA plans to finalize the development plans and begin the permit process over the winter, then begin construction early in the Spring. Laurence Lewis with CCS, Inc., represented the seller of the property.
Celebrating 27 years of excellence in commercial real estate, Chicago-based HSA Commercial Real Estate is a 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 all kinds of commercial real estate across the United States, its brokerage divisions have completed more than 7,500 transactions in 43 states representing both owners and tenants, the asset management division currently manages a property portfolio in excess of 17.5 million square feet in 15 states and the firm presently owns over 17 million square feet of commercial property in 14 states.
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