Bisnow Exclusive: 228 Acres Everyone Will Be Talking About
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With its initial 122k SF building almost fully leased, the 228-acre Heritage Crossing Corporate Center in Lockport is forging ahead as the first true industrial park along the new I-355 extension between I-55 and I-80. Now ML Realty Partners has launched construction on two more buildings.
EVP Pete Harmon (above) tells us 12 buildings are planned, varying in size from 60k SF to 500k SF, and the second and third are breaking ground. One’s a 500k SF bulk distribution facility, and the other offers 122k SF divisible to 18k SF. Both will be completed and ready for move-ins (single or multi-tenant) by year's end, he says. NAI Hiffman’s Daniel Leahy, Mark Moran, and John Whitehead will lead the leasing charge.
ML Realty saw a void in the market for standalone, 32’ clear, 500k SF buildings, and anticipates interest from e-commerce firms (today’s industrial tenant du jour) as well as other logistics users distributing locally, regionally, or nationally. The smaller 122k SF facility is a mirror image of the park’s first building (above, perfect for a practical joke, if you move everyone from one building to the other without telling them); its current tenants include a manufacturing company and a printing/paper business, Pete tells us. The goal is to appeal to all logistics users regardless of size, given the eventual opportunity to grow within Heritage Crossing’s range of product and across ML Realty’s larger portfolio, he says.
Pete’s noticed that industrial deals are still taking a while to get done, but quality tenants are on the move, both consolidating and growing. More and more land’s become spoken for in terms of development, but he says Heritage’s premier location should keep it competitive. You can't beat the access to housing and labor markets in Will County along I-355. ML Realty has no specific timeline for the 228 acres (above), but Pete says the buildings have been designed for flexibility, and the next few years will really start to define how the park looks and feels. He hopes yesterday was the last time he’ll have to put gas in the snow blower this season, and looks forward to beach weather.