CHICAGO – The Opus Group (Opus) and USAA Real Estate Company announced today plans for a 423,726-square-foot speculative industrial office and warehouse facility located at 10 Falcon Court in Streamwood, Illinois.
“We’re excited to help fill the need for large warehouse space in the region with the addition of our new Streamwood spec building at 10 Falcon Court,” said Matt Kurucz, senior real estate manager, Opus Development Company, L.L.C. “Offering a flexible design and an ideal location for manufacturing, bulk distribution, regional or corporate headquarters, this building will appeal to a variety of modern industrial users.”
Located on 35 acres of land just off the Elgin O’Hare Expressway, the cross-docked warehouse will offer 32-foot clear height, up to 88 exterior truck docks, up to 117 trailer parking stalls and 193 parking spaces with room for expansion. The site also offers quick access to Interstates 290, 355 and 294 and O’Hare International Airport.
Meeting demand from low vacancy rates in the Central DuPage submarket, this will be the only available industrial building larger than 200,000 square feet and built in the past 15 years, as all other buildings meeting this criteria are currently leased. It will also be the only available building in the area with dedicated trailer parking, an attribute users are increasingly seeking to maximize the efficiency of the facilities they occupy.
“We are pleased to be commencing our second project with the Opus team, having recently completed and successfully leased the I-88 Gateway Logistics Center,” said Len O’Donnell, CEO of USAA Real Estate Company. “They have proven to be a high caliber development partner and I’m confident we are building another outstanding building that will meet the surging demand in this market.”
“As a first mover in this submarket, we believe we are delivering a highly efficient building that currently is not available in the area,” added David Reahl, Managing Director, Investments of USAA Real Estate Company. “It will be greatly enhanced by the completion of the Elgin-O’Hare expressway and will meet the occupancy and distribution demands of tenants in the market today and in years to come.”
Available for sale or lease, 10 Falcon Court is designed to accommodate single- or multi-tenant configurations, including separate access drives for car and truck traffic. The speculative building also will qualify for Class 6B Real Estate Tax Incentive from Cook County, significantly reducing real estate taxes to a level equal to or slightly less than many of the surrounding communities in DuPage County.
Construction will begin in July 2015, with completion scheduled for late 2015.
Opus Development Company, L.L.C. will be the developer, Opus Design Build, L.L.C. will be the design-builder, and Opus AE Group, L.L.C. will be the architect and engineer of record. USAA Real Estate Company will own the building. Eric Tresslar and Kelly Disser of NAI Hiffman will market the property.
Opus’ recent portfolio of work includes 6.8 million square feet of industrial developments currently in its pipeline or completed in the past 17 months across the United States.
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.
About USAA Real Estate Company
USAA Real Estate Company, with approximately $12 billion in assets under management, provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors. The USAA portfolio consists of office, industrial, multi-family, retail and hotel properties, as well as investments in real estate operating companies. 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.