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| Rendering of planned 218,500-SF speculative warehouse facility at Delany Road and Blanchard Road in north suburban Waukegan, IL |
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| Jack Shaffer |
CHICAGO, IL, Aug. 8, 2013— Jack Shaffer, chairman and
founder of HSA Commercial, Inc., announced today that the firm has partnered
with Boston-based Great Point Investors to develop a 218,500-square-foot
speculative warehouse facility at Delany Road and Blanchard Road in north
suburban Waukegan, Ill.
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| Robert Smietana |
The partnership broke ground this month on the new
industrial building which will be divisible to 25,000-square-foot suites and
will offer 30’ clear heights, 28 truck docks, 4 drive-in doors, 300 parking
spaces and convenient access to both Highway 41 and Interstate 94.
“We have targeted
this property for development for a number of years, and we have watched
patiently as the vacancy rates for industrial space have dropped year after
year without any new facilities being added to the market,” said Bob Smietana,
vice chairman and chief executive officer of HSA Commercial.
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| Tim Thompson |
“With the economy
continuing to rebound and with the right partner in Great Point, we knew that
there was no better time than now for this project.”
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| Joseph Versaggi |
“When this
opportunity was brought to our attention, we were immediately intrigued by the
lack of available industrial product near this strategically valuable Lake
County location,” said Joseph Versaggi, principal of Great Point
Investors.
“We were even more compelled by the ability to partner with HSA
Commercial Real Estate, one of the most accomplished industrial development
firms in the Midwest.”
“There’s a great
base of firms in the pharmaceutical, fulfillment, packaging, manufacturing, and
technology industries in Lake County that don’t currently have the option of
locating in the type of premier industrial real estate product that this
project will offer,” said Tim Thompson, SIOR, executive vice president
and managing director of the Industrial Services Division at HSA Commercial.
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| Michael Caprile |
“Through our leasing efforts, we hope to provide prospective
tenants with a level of quality and flexibility that hasn’t been available in
recent years because of the lack of new development.”
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| Steve Roth |
Michael Caprile, vice chairman, and Steve Roth,
executive vice president, of CBRE, secured Great Point Investors for the joint
venture with HSA. Birmingham, Ala.-based Regions Bank is providing construction
financing for the project, and Premier Design + Build will serve as the general
contractor.
For a complete
copy of the company’s news release, please contact:
Mark Thomton
(312)-267-4523
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