Venture One Real Estate (Venture One) in a joint venture with USAA Real Estate Company (USAA) today announced the groundbreaking of Crossroads 55, a 1,000,110 square-foot distribution facility located at 24101 S. Frontage Road in Channahon, Illinois. The building is scheduled for delivery in the second quarter of 2018.
Located in the I-80 Joliet Corridor submarket, Crossroads 55 will offer unparalleled access, including immediate access to two newly improved I-55 interchanges at Route 6 and Bluff Road, and is situated one exit south of the I-55/I-80 interchange. Amenities include 40’ clear-height, 100 docks, trailer parking for 291 (expandable to 596) and access to an abundant labor pool. An adjacent 73 acres is available to accommodate build-to-suits up to 1.5 million square feet with CSX rail availability.
“We are very excited to kick off this project,” said Ryan Stoller, principal at Venture One. “This facility offers unprecedented access, with two adjacent interchanges and immediate proximity to the UP and BNSF intermodals via the Arsenal Interchange one exit south. With flexibility for users seeking upwards of 2 million square feet as well as immediate interstate frontage, we expect to attract users who have continued to exhibit strong demand in this submarket.”
At the close of Q12017, the I-80 Joliet Corridor saw the lowest vacancy rate (4.2%) the submarket has ever recorded and the least amount of vacant space (3.4 million SF) available since 2004, according to Colliers International’s Industrial Research & Forecast Report.
Brian Kling and Jim Estus, SIOR, of Colliers International have been retained to market Crossroads 55. Clayco will serve as the design-builder and Forum Studio will serve as the project architect. For more information, please visit www.crossroads55.com.
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About USAA Real Estate Company
USAA Real Estate Company, with over $17 billion in assets under management, provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors and arranges commercial mortgage loans on behalf of affiliates. The portfolio consists of office, industrial/logistics, multifamily, retail and hotel properties. USAA Real Estate Company is a subsidiary of USAA, a leading financial services company, serving military families since 1922. For more information, please visit www.usrealco.com.
About Venture One Real Estate
Venture One Real Estate is a real estate private equity fund manager, developer and operating company specializing in the industrial property sector. Headquartered in Chicago, Venture One manages a series of discretionary value-add investment funds that target opportunities throughout the Midwest, owns and manages over 6 million square feet and controls over 1,100 acres of land in corporate business parks in the greater Chicagoland area. Principals of Venture One have over $6 billion of transactional experience. For more information, visit www.VentureOneRE.com.