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Brennan Investment Group acquired nearly 86 acres in Elk Grove Village. Brennan plans to develop the tract, the largest infill site in the O'Hare submarket, into a $1B technology park.
Brennan and its partner in the project, Greenfield Partners, expect to break ground in spring with several spec facilities with frontage on Higgins Road, ranging from 75K SF to 250K SF. The buildings will feature high-end glass facades, 32-foot ceiling heights and substantial parking. Elk Grove Technology Park will have an amenity-rich infrastructure featuring ponds, water features, sculptures, bike paths and pedestrian walkways.
Brennan Investment Group Chairman Michael Brennan said he has received tremendous interest from data center providers, high-tech industrial and clean manufacturing firms since announcing Elk Grove Technology Park, which Brennan is calling the greatest industrial park in the U.S., in August.
CBRE's Mike Sedjo, John Hamilton, Jack Brennan and Tony Gange represented the Brennan-Greenfield venture and the seller, Tim Busse. Todd Bateman, CBRE's North American practice leader for data centers solutions, will handle leasing duties.
The terms of the deal were not disclosed.
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