Midwest Industrial Funds hosted a groundbreaking event on Thursday, November 2nd, with their project team and local government officials to launch their latest and largest Class A development of the year at 21225 Lidice Parkway, Crest Hill, IL, which is now under construction. The spec development is located within the Crest Hill Business Park on a 37-acre site. The state-of-the-art, cross-docked, 577,422 SF building is being constructed on a speculative basis and is suitable for a multitude of uses, including e-commerce, distribution, assembly, and manufacturing. The high-image pre-cast concrete and glass facility features a 36’ clear ceiling height, up to 104 truck docks, 345 car parking spaces plus 151 additional onsite trailer spaces. The building is divisible and will be shell complete in Summer 2024. Midwest Industrial recently acquired the site from an affiliate of Indeck Power Equipment Company.
MIF Construction LLC is the design-build general contractor for the project with SPACECO Inc. and Harris Architects providing engineering and architectural design services. The Cawley Commercial Real Estate team of Joshua Hearne, SIOR, and Reinier Pranger sourced the acquisition and are marketing the building for lease on behalf of Midwest Industrial Funds.
Michael Androwich, Principal with Midwest Industrial Funds stated, “We are very excited to launch this project in the most dynamic industrial submarket in metro Chicagoland in terms of leasing demand and absorption over the last 10+ years. We have just never seen vacancy rates in this submarket hover around 2% as they have for the last 24 months, and we are very bullish on the lease-up of this facility. This parcel is the last large, 30+ acre site within the Crest Hill Business Park which has been a great economic success over the years. The City of Crest Hill has been an excellent partner in helping us get this exciting project off the ground this fall which was critical to our strategic positioning in the marketplace–especially given all the timing complexities we faced here along with the challenging development and interest rate environment”.
Crest Hill Mayor Raymond R. Soliman spoke at the groundbreaking event and stated, “The City of Crest Hill has established a great partnership with the Midwest Industrial Funds team, and we are excited and proud to have this new building constructed in our city. This spec building will complete our business park and will be a tremendous asset to the City of Crest Hill. I have been impressed by the professionalism and quality of workmanship of Midwest Industrial Funds’ past projects, and I am confident that our building will be of the same quality. Welcome to the City of Crest Hill.”