Cushman & Wakefield has been named exclusive agent for Cherry Hill Business Park, Northern Builders Inc.'s 500-acre industrial development in Joliet and New Lenox. With 280 acres of pad-ready sites immediately available, the project offers capacity for up to 5.4 million square feet of additional product, including speculative and build-to-suit opportunities.
Cushman & Wakefield's Jason West, Sean Henrick, Michael Magliano and Doug Pilcher, based in the commercial real estate services firm's Rosemont, Ill., office, are heading the assignment. The team currently is marketing a two-phase speculative development. The first building, Cherry Hill 14, totals 171,394 square feet and is slated for delivery in late 2017. Located on just over nine acres at 2401 West Haven Avenue in New Lenox, it features I-80 visibility, 32-foot clear height, 36 loading docks and up to 86 trailer parking stalls. Phase Two development includes the 202,582-square-foot building with similar specifications and heavy trailer parking.
Cherry Hill Business Park also offers 15, pad-ready build-to-suit sites that can accommodate 30,000 to 1.5 million square feet.
"This world-class business park already has attracted household-name tenants like Michaels, Navistar, Centrella, Commscope and Hickory Farms," Henrick said. "With two full interchanges located less than two miles from the Park, it is arguably the best-located major development site for regional and super-regional distribution in the greater Chicago market. It is one of the only regional land sites that can satisfy a 1.5 million-square-foot requirement."
Cherry Hill Business Park is strategically situated between interstates 55 and 57, offering immediate access to interstates 355 and 80. The property has direct, active rail service via the Canadian National Railroad. "Tenants at the park also benefit from access to a deep skilled labor pool, low Will County taxes and additional state, county and municipal incentives," Henrick added.
Cherry Hill Business Park is being spearheaded by Northern Builders, Inc., a privately held, full-service development organization with in-house construction. "Our full-service structure enables us to efficiently manage every aspect of a project and provide a single source of responsibility to our clients," said Northern Builders' Matthew Grusecki, senior vice president. "Cherry Hill Business Park represents our 90-year commitment to delivering the highest-quality product to our clients. Our vision was to create a true business park environment with its own identity in lieu of constructing one-off buildings in an industrial-zoned area. We have developed a professional business community with exceptional park amenities."
Notably, the company is celebrating its 90th anniversary this year. Founded in 1927 by Paul Grusecki, Northern Builders has grown into one of the largest and most successful full-service development and construction companies in the Midwest. With clients ranging from emerging businesses to Fortune 50 corporations, Northern has participated in the design, development, and construction of over 65 million square feet of office, industrial, retail and restaurant space.
Cushman & Wakefield's industrial brokerage platform provides global resources and local expertise for tenant and landlord representation, disposition and acquisition services, transaction management, and industrial consulting including labor and demographic analysis. In 2016 globally, this group completed more than 4,799 industrial lease and sale transactions, including Capital Markets transactions, totaling nearly 185.8 million square feet with an aggregate value in excess of $6.2 billion.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.