Dayton Street Partners Jumps Into O'Hare Industrial Development
Add Dayton Street Partners to the packed industrial development activity around O'Hare. The infill industrial specialist is partnering with Black Creek Group to build a 116K SF spec industrial building in Franklin Park.
Dayton Street founder Howard Wedren told Bisnow the spec building will be built on two parcels totaling 6.5 acres at 1055 Sesame St. and 491 Podlin Drive in Bensenville. Dayton Street will demolish a 90K SF building on the Sesame Street parcel. Construction of the new building will begin in June, with an expected delivery in spring 2019. The new building will feature 32-foot clear heights, 24 exterior dock doors and 137 parking spots.
Wedren said Dayton Street and Black Creek are targeting distribution or third-party logistics tenants for the building, and will entertain a single tenant or multiple tenants.
Avison Young's Q1 2018 Chicago industrial report showed O'Hare's vacancy stands at 4.9%, well below the suburbs' 5.9% vacancy rate. Just shy of 10M SF of new industrial product is under construction, 72% of which is spec development.
The high barriers to entry in O'Hare favor fast absorption, Wedren said.