Chicago, IL – Co-developers Venture One Real Estate and Clayco broke ground today on a 978,120 square-foot distribution center in DeKalb, Ill. Upon completion, this facility will serve as the largest logistics center for 3M in the United States.
A joint venture between Clayco and Venture One, the 3M distribution center is part of Park 88 in DeKalb, a 465 acre development located at the northwest corner of the intersection of Peace Road and Fairview. This is the third expansion by 3M in Park 88 over the last 10 years. Clayco will serve as the design builder and Forum Studio will act as the architect on the project. Wells Fargo will provide the construction funding.
“We are honored to work on this important 3M project in Illinois,” said Kevin McKenna, Executive Vice President of Clayco.
“Just as 3M is dedicated to growth in the 1-39 corridor, we are also committed to economic development in this area,” said Mark Goode, Principal at Venture One. “This distribution center will employ a substantial number of local workers to the area.”
“Thank you to all of the local leaders and community officials for their cooperation in this significant project as well as your past support over our rich history of 30 years of operations in the DeKalb area,” said Darcie Peters, Distribution Campus Manager at 3M. 3M recognizes and appreciates the important relationship that businesses and communities have in fostering and creating mutually beneficial growth. The DeKalb area is known for its hard-working and dedicated people. Our employees work hard to service our customers and each employee at 3M makes a difference every day. We look forward to this new building and the opportunities it will afford our employees, our customers, and our community.
The firm Cushman & Wakefield represented Park 88, with Jason West and Sean Henrick as the brokers. CRESA represented 3M, with Gary Gregg and Michael Gordon serving as brokers. The facility is set to be completed in the summer of 2016.
3M is a multinational, diversified technology company with a global presence in a variety of markets – from health care and highway safety to office products and abrasives. 3M’s Park 88 center is a key transportation hub for the company, with its convenient access to multitude of local airports and its placement along the 1-39 logistics corridor.
Venture One Real Estate is a real estate private equity fund manager, developer and operating company specializing in the industrial property sector. Headquartered in Chicago, Venture One manages a series of discretionary value-add investment funds that target opportunities throughout the Midwest and owns over 5.5 million square feet and controls over 1,100 acres of land in corporate business parks in the greater Chicagoland area. Principals of Venture One have over $6 billion of transactional experience. For further information go to www.ventureonere.com.
Clayco is a full-service, turnkey real estate development, master planning, architecture, engineering and construction firm that delivers clients around the world the highest quality solutions on time, on budget, and above and beyond expectations. With $1.14 billion in revenue for 2014, Clayco specializes in the “art and science of building,” providing fast track, efficient solutions globally for commercial, institutional, industrial and heavy civil infrastructure related building projects. For more information, visit www.claycorp.com.