RPG teaming with capital partner Cabot Properties to develop Class A facility at prime location near I-55 Interchange north of Joliet
Crest Hill, Ill., December 15, 2015 – Ridgeline Property Group (RPG) announced today that it will develop a 438,150-square-foot, Class A distribution center in Crest Hill, Ill., with capital partner Cabot Properties Inc. The project will be built on a 29-acre site that is located within the vibrant I-55 submarket. RPG and Cabot Properties acquired the site in the Crest Hill Industrial Park in September.
Site work is under way and pre-cast concrete/steel work will begin in January 2016, with completion slated for August 2016. David Bercu and Jim Estus, both Principals at Colliers International, will market the property for lease.
“Demand in the market remains strong but there is a limited supply of space in the submarket,” said Pete Harmon, Partner at RPG. “Strategically located on one of the last remaining sites along I-55, this project will provide a solution for today’s users in a proven submarket, appealing to demand from both the I-55 and I-80 submarkets.”
Located at 16824 Enterprise Blvd., the site is less than two miles from the I-55 interchange at Route 30 and 9.25 miles from I-80. The site also offers proximity to the BNSF intermodal facility in Elwood. Existing tenants at Crest Hill Industrial Park include Rich Products Corp., Old Dominion Freight Line, Dayton Freight Lines and Aaron Thomas Company.
“This project marks our third partnership with RPG in the country this year and the initial one in the Chicagoland area. We look forward to offering the Crest Hill distribution center to meet ongoing strong demand for high-quality space in this market,” said Patrick Ryan, Executive Vice President of Cabot Properties.
Added Greg Thurman, CEO of Ridgeline Property Group: “We’re excited to continue our relationship with Cabot Properties on this project to bring much-needed Class A industrial space at this strategically located site. Cabot Properties is an excellent partner with an outstanding track record of developing successful projects in leading industrial markets across North America.”
The cross-dock facility will feature 32-foot clear heights, four drive-in overhead doors, 36 exterior docks (expandable to 76), 319 car parking spaces, 163 trailer parking spaces, and Early Suppression Fast Response (ESFR) sprinklers. The building provides a functional layout which can accommodate a number of tenant layouts.
RPG also is partnering with Cabot Properties on Susquehanna Logistics Center, a 423,300-square-foot distribution facility in York, Pa., and Hanover Business Center, a 100,000-square-foot distribution facility in metro Baltimore.
About Ridgeline Property Group
Ridgeline Property Group is a commercial real estate development and investment company operating throughout the United States. Headquartered in Atlanta, the firm has a particular focus on the acquisition, development and management of high-quality industrial and office properties in strategic markets. RPG’s regional partners have more than 125 years of combined experience in the commercial real estate industry and have developed in excess of 115 million square feet of space in more than 30 states.
About Cabot Properties
Cabot Properties is a private equity real estate investment firm. The firm is a leading investor, developer and operator of industrial properties throughout North America and the United Kingdom. Formed in 1986, Cabot has invested $6.2 billion in industrial real estate, managing and operating approximately 3,000 tenants in more than 140 million square feet.