Logistics Property Company, LLC (LPC), a logistics real estate platform focused on the acquisition, development and management of state-of-the-art modern logistics properties in key North American markets, today announces it has broken ground on a 1 million square foot logistics project located in Kenosha, WI. The 67-acre parcel is situated directly on I-94 less than 50 miles from Chicago. The development is strategically set between two full four-way interchanges just 5 miles south of the $10 billion Foxconn manufacturing facility.
“We’re thrilled to get dirt moving at 94 Logistics Park," said Aaron Martell, LPC’s Executive Vice President – Midwest Region. “There’s tremendous momentum in the region and we’re excited about capturing some of it. Users will definitely like our product and the amenity-driven location.”
94 Logistics Park is expected to deliver by the end of summer 2019. Building One will be a 750,000 square foot cross docked facility targeting regional distribution players (consumer products, ecommerce, and food users). Building Two will be a rear loaded 288,000 square foot building geared towards manufacturing and local distribution companies. Colliers Chicago Industrial team, Fred Regnery and Ned Frank, have teamed with Colliers Milwaukee broker Steve Sewart to lease the project.
“Developers who have built larger spec product in the region have been rewarded," said Colliers Chicago Principal, Fred Regnery. “A lack of big box supply makes this the opportune time to break ground on over one million square feet and Colliers is excited to be leading the marketing efforts.”
In addition to this project, LPC is undertaking investment and development in key logistics markets, including Dallas, Houston and Chicago, with an estimated end-value of over $600 million to date. In addition, LPC anticipates closing on properties in Seattle, Indianapolis and Pennsylvania this year, as part of a development pipeline of approximately 20 million square feet. The company is targeting leading industrial markets across the US with strong population demographics and significant in-place infrastructure.
Headquartered in Chicago, LPC has offices in Atlanta, Dallas, Houston, and Los Angeles with office openings slated for Philadelphia, Miami and Seattle.
About Logistics Property Co.
Logistics Property Company, LLC (LPC) is a logistics real estate platform focused on the acquisition, development and management of state-of-the-art modern logistics properties in key North American markets. The management team of LPC partnered with Macquarie Capital Real Estate Investments (MREI) on the formation of the platform. LPC currently manages properties in key logistics markets including Dallas, Houston and Chicago with an estimated end-value of over $600 million. Headquartered in Chicago, LPC has offices in Atlanta, Dallas, Houston, and Los Angeles with office openings slated for Philadelphia, Miami and Seattle.
About Macquarie Capital Real Estate Investments
MREI is Macquarie Capital’s real estate principal investment and private capital advisory business. It is an integrated global business that creates, invests in and advises specialist real estate platforms in sectors supported by structural tailwinds. The group currently has investments in nine operating platforms across the globe with over $15 billion in assets under management, including Asia-Pacific logistics specialists Logos Property Group and United Kingdom logistics specialists Peel Logistics Group.
Colliers International Group Inc. (NASDAQ:CIGI) (TSX:CIGI) is a top tier global real estate services and investment management company operating in 69 countries with a workforce of more than 12,000 professionals. Colliers is the fastest-growing publicly listed global real estate services and investment management company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide, and through its investment management services platform, has more than $20 billion of assets under management from the world’s most respected institutional real estate investors.
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