Rosemont, IL – July 20, 2017 – Venture One Real Estate (“Venture One”), in a joint venture with USAA Real Estate Company (“USAA RealCo”), today announced the groundbreaking of Crossroads 55, a 1,000,110 square-foot distribution facility located at 24101 S. Frontage Road in Channahon, Illinois. The building is scheduled for delivery in the second quarter of 2018.
Located in the I-80 Joliet Corridor submarket, Crossroads 55 will offer unparalleled access, including immediate access to two newly improved I-55 interchanges at Route 6 and Bluff Road, and is situated one exit south of the I-55/I-80 interchange. Amenities include 40’ clear-height, 100 docks, trailer parking for 291 (expandable to 596) and access to an abundant labor pool. An adjacent 73 acres is available to accommodate build-to-suits up to 1.5 million square feet with CSX rail availability.
“We are very excited to kick off this project,” said Ryan Stoller, principal at Venture One. “This facility offers unprecedented access, with two adjacent interchanges and immediate proximity to the UP and BNSF intermodals via the Arsenal Interchange one exit south. With flexibility for users seeking upwards of 2 million square feet as well as immediate interstate frontage, we expect to attract users who have continued to exhibit strong demand in this submarket.”
At the close of Q1 2017, the I-80 Joliet Corridor saw the lowest vacancy rate (4.2%) the submarket has ever recorded and the least amount of vacant space (3.4 million SF) available since 2004, according to Colliers International’s Industrial Research & Forecast Report.
Brian Kling and Jim Estus, SIOR, of Colliers International have been retained to market Crossroads 55. Clayco will serve as the design-builder and Forum Studio will serve as the project architect. Josh Hearne of Cawley Chicago and Peter and Michael Fleming of Marquette Properties were agents on the land transaction. For more information, please visit www.crossroads55.com.