CHICAGO – The Opus Group (Opus) and AEW Capital Management (AEW) announced today the start of construction on a 452,000-square-foot speculative industrial warehouse at 1100 Orchard Gateway Boulevard in North Aurora, Illinois. The property is being developed on behalf of one of AEW’s institutional separate account clients.
“We’re excited to bring another speculative industrial project online in the North Aurora area on the heels of the success of our first building in the business park,” said Mike Yungerman, vice-president of real estate development, Opus Development Company, L.L.C. “The I-88 submarket has experienced strong leasing activity over the last year and with easy access to the interchange and highway visibility, the location will make this development all the more desirable.”
Located on 25 acres of land, the property will feature 48 docks with room for expansion of up to 88, four drive-in doors, 79 trailer parking spaces and 263 car parking stalls. Additionally, it will offer 36-foot clear ceiling height, which will set it apart from nearly all available competing industrial spaces in the market.
The industrial building will be able to accommodate up to two tenants with distribution and light manufacturing needs looking to occupy 200,000 square feet of space or more. Completion of the project is slated for July 2016.
Opus’ recent portfolio of work includes 8.4 million square feet of industrial developments currently in its pipeline or completed in the past 24 months across the United States. This includes the I-88 Gateway Logistics Center located immediately adjacent to Opus’ new project in North Aurora.
Opus Development Company, L.L.C. is the developer, Opus Design Build, L.L.C. is the design-builder and Opus AE Group, L.L.C. is the architect and structural engineer of record. Brendan Kelly and Todd Heine with Avison Young will market the property for lease.
About The Opus Group
The Opus Group® is a family of commercial real estate development, construction and design companies headquartered in Minneapolis with offices and projects across the country. Opus operates as an integrated, multidisciplinary team with expertise in development, capital markets and finance; project management and construction; architecture, engineering and interior design. The Opus Group includes Opus Holding, L.L.C. and its operating subsidiaries: Opus Development Company, L.L.C., Opus Design Build, L.L.C. and Opus AE Group, L.L.C. Specializing in healthcare, residential, office, institutional, industrial and retail projects, The Opus Group has broad capabilities, deep experience and a proven design-build model that delivers solutions for customers on time and on budget. For more information, visit www.opus-group.com and follow @TheOpusGroup on Twitter.
Founded in 1981, AEW Capital Management, L.P. (AEW) provides real estate investment management services to investors worldwide. One of the world’s leading real estate investment advisors, AEW and its affiliates manage over $53 billion of property and securities in North America, Europe and Asia (as of December 31, 2015). Grounded in research and experienced in the complexities of the real estate and capital markets, AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum. AEW and its affiliates have offices in Boston, Los Angeles, London, Paris, Hong Kong and Singapore, as well as additional offices in eight European cities. For more information please visit www.aew.com.