With industrial vacancies lower than the national average across the Midwest, we saw an opportunity to leverage our expertise in this sector and bring new industrial developments to three key Midwest markets – Indianapolis, Minneapolis and Chicago.
With historically strong and consistent absorption combined with stable rents, this is a proven market for industrial development. Paying close attention to low vacancy rates and an increase in large space demand within recent months, we responded with the development of side-by-side industrial warehouse buildings totaling more than 900,000 square feet.
Plainfield Business Center is located in Plainfield, Ind., just north of I-70 and minutes from the Indianapolis International Airport. The project is in a highly desirable location, offering tenant spaces from 200,000 square feet to over 900,000 square feet. We have a great history in Indianapolis, having already developed 11 industrial buildings in the Plainfield Business Center. We are pleased to be partnering with Northwestern Mutual, who will own the buildings, in bringing this exciting development to the market.
Recently, the southwest suburbs of Minneapolis have proven to be exceptionally strong for the industrial sector. With limited large blocks of available space in the area, we began developing a 200,000-square-foot industrial warehouse and distribution facility in Shakopee, Minn. The development, which broke ground in October, has received positive accolades from city officials.
“We’re thrilled for Opus to bring a new industrial development to the area,” said Mayor Brad Tabke of the city of Shakopee. “This new warehouse and distribution center will attract additional businesses to the community and have a positive impact on our area.”
The I-88 submarket in suburban Chicago is also experiencing low vacancy rates. We are seizing this opportunity and have started construction on a 600,000-square-foot industrial building in North Aurora at Orchard Road. The building offers a convenient location with visibility and flexibility that will appeal to a wide range of tenants and will be owned by USAA Real Estate Company.
“We are excited about the opportunity to commence this new development venture with Opus Development Company, L.L.C. and are confident that, with the design and expandability of this building, we will successfully meet the pent-up demand for larger users,” said David Reahl, executive director with USAA Real Estate Company.