Another Bold Bet On O'Hare Industrial Market
Speculative industrial development is continuing at a robust pace in the submarket around O'Hare International Airport. Chicago-based CA Industrial, a division of CA Ventures, just started construction on CA Elk Grove, a 146K SF speculative Class-A warehouse at 550 East Devon Ave. in suburban Elk Grove Village.
The project marks CA’s first Chicago-area industrial project since launching CA Industrial in 2018 with the goal of investing $500M in logistics and distribution space throughout the U.S.
"The proximity to the Interstate 390, Interstate 290 and O’Hare — and the visibility on Devon Avenue — will be a draw for airfreight companies and also higher-image, employee-intensive companies that benefit from the visibility and excellent access to the major interstates and roadway systems," CA Ventures Executive Vice President Jim McGill said.
Spec buildings around O'Hare are likely to draw interest from tenants, as demand remains quite healthy. The vacancy rate in the O’Hare submarket was at a historic low of 3.62% in the second quarter, according to Colliers International.
The company plans to complete the building, which features 32-foot clear heights, early next year, and McGill said prospective tenants have already expressed interest.
“As a core infill site in one of the strongest submarkets in Chicago, we’re confident that CA Elk Grove will lease up quickly,” McGill said.