USAA Real Estate Co. To Build 700,000-sf University Park Spec. Industrial Project
March 24, 2005 - University Park, IL
The I-57 corridor's largest spec building ever will be expandable to 1.4M-SF; Cushman & Wakefield of Illinois to market facility
San Antonio, TX-based USAA Real Estate Company has announced plans to develop a 701,958-square-foot speculative industrial facility within USAA's 250-acre Commerce Center at University Park Business Park. The 701,958 square foot, cross-docked, pre-cast concrete, state-of-the-art building is expandable to 1.4 million square feet. It also has a 30-foot clear ceiling height and 48 foot by 50 foot bay spacing with 60 foot clear staging aisles at the dock walls for maximum interior space and flexibility. USAA Real Estate Company has broken ground and expects to deliver the facility by year-end 2005. USAA Real Estate Company continues to team with Cushman & Wakefield as the marketing agents for the project. Clayco Construction is the general contractor and Heitman Architects is the building architect.
Upon completion, the new warehouse/distribution building promises to pave the way for further development along the I-57 corridor, an emerging sector of the south Will County market. For USAA Real Estate Company the high demand for new product in and around Commerce Center, combined with the available Tax Increment Financing, has created strong momentum for developers to get shovels in the ground as soon as possible.
USAA Real Estate Company has the ability, through our strong financial backing, to respond to a market that we believe is in need of large industrial facilities such as this new spec. building at University Park" said T. Patrick Duncan, Senior Vice President of Real Estate Operations.
Mr. Duncan also noted that the project's TIF financing "allows us to compete with business parks throughout the Chicago Metro area and key Midwest distribution hubs including Indianapolis, IN, Columbus, OH, and St. Louis, MO. On a gross dollar basis, combined with state of the art features, USAA will deliver world class value."
Cushman & Wakefield of Illinois Senior Directors Brendan Kelly and Mike Fonda, along with C&W director Hugh Williams are the exclusive marketing team for Commerce Center at University Park. Mr. Kelly echoed Mr. Duncan's enthusiasm for the new project, citing the area's highly accessible location as a driving force behind its newfound popularity.
"There is no doubt that this is a quickly emerging market," Mr. Kelly said. "I-57 can get you to Memphis, to downtown Chicago and to I-80, and more people are beginning to see the merits of doing business here. In addition, this facility can be expanded to 1.4 million square feet, so we can accommodate any type of user."
Plans for the speculative building are being revealed two years after the completion of USAA Real Estate Co.'s initial build-to-suit in the Commerce Center: the 907,920-square-foot Solo Cup facility, which is located immediately west of the new site. This Solo facility is currently being expanded by another 644,555 square feet, which will make it one of the largest bulk distribution facilities in Chicago and the Midwest.
Commerce Center at University Park is located 1.5 miles from the I-57 Manhattan-Monee interchange, 5.5 miles from the Lincoln Highway interchange and 9.7 miles from I-80. It is less than 30 miles from the Gary, IN and Midway Airports, and 37 miles from the Chicago Loop. The site also benefits from close proximity-roughly one mile-to a METRA Community Rail depot, which also serves nearby Governor's State University.
USAA Real Estate Company has more than $3.5 billion in assets under management and provides acquisition, build-to-suit, and development services for corporate and institutional investors. The USAA portfolio consists of office, industrial, hotel, and retail properties as well as investments in real estate operating companies.
USAA, the parent company of USAA Real Estate Company, has been serving military families since 1922 and has become one of America's leading insurance and financial services companies. The association, well known for its exceptional service, offers its 5.3 million members a comprehensive range of insurance, banking and investment products and services designed to help them meet their financial needs. Headquartered in San Antonio with offices throughout the United States and Europe, USAA owns or manages assets of more than $83 billion.