New Speculative Industrial Building Slated for Chicago/Pullman Community
Ryan Companies US Inc. announced recently that they will develop and build a 400,000 square foot speculative industrial project in the historic Chicago Pullman community as part of their master-planned Pullman Crossings business park. The new project is part of the 50+ acre industrial park, Pullman Crossings, planned with Chicago Neighborhood Initiatives (CNI).
“Ryan Companies’ plan demonstrates the recipe for Pullman’s rebirth which has included: attracting more than a dozen new businesses; building the region’s largest indoor athletic and education center; developing scores of new homes; investing millions in education and infrastructure; and creating 1,500 new jobs, is not only working, but the revitalization is continuing to gain momentum,” said 9th Ward Alderman Anthony Beale.
Pullman Crossings is located at I-94 and 103rd street, on the largest undeveloped land site within 20 minutes of the Chicago Loop and is accessible to rail and toll-free interstates. Building specifications include: 36’ clear height, 56’ bays, up to 120 dock positions with dedicated trailer parking and proposed Class 6b incentives. The location of the project has excellent access to the recently expanded Dan Ryan (1-94) and has proven success with businesses: Method Home Products factory, Whole Foods Midwest Distribution Center, two Goth- am Greens greenhouses, Kellogg Co, and Dutch Farms dairy.
“There is increased demand for urban industrial space with toll-free access, an active workforce, and flexible configurations. The new building will provide all the standards of a suburban business park in an urban location,” said Curt Pascoe, Director of Development, Ryan Companies US Inc.
Pullman Crossings is also located in an Opportunity Zone. Opportunity Zones are designated areas created in 2017, driving additional investment to the community. Construction will begin on the new speculative building in spring 2019 and will be marketed by Todd Heine and Brendan Kelly, both Principals with the brokerage firm Avison Young. The two brokers have significant levels of experience marketing to and working with food processing and distribution firms and other warehouse and distribution entities. Avison Young represented Whole Foods in the transaction that brought its distribution center to Pullman.
Pullman Crossings also is part of Pullman Park, a 180-acre, mixed-use development being master-planned developed by CNI. Pullman Park has generated $350 million of new investment and created more than 1,500 jobs through the addition of a 150,000 square foot Walmart, and more than 70,000 square feet of new retail space anchored by a Ross Dress for Less, a Planet Fitness, and Advocate Health Care. Food services and neighborhood amenities including a Potbelly’s Sandwich Shop, and Star Cleaners opened recently within the new 111th St. Gateway Retail Center, also the new home of the 111th St. Food Hall, opening next month. In addition to its proximity to these new businesses, Pullman Crossings is immediately adjacent to the new Pullman Community Center, the region’s largest, year-round, indoor athletic and education facility.
Once the speculative building is completed there will be 30 acres remaining in the Pullman Crossings business park for future development. Expected completion of the building is in early 2020.
About Ryan Companies US, Inc.
Founded in 1938, Ryan Companies offers comprehensive commercial real estate services as a national developer, architect, capital investment consultant, builder and real estate manager with a focus on bringing lasting value to its customers and the communities in which it works. Ryan market depth includes retail, industrial, healthcare and senior living. Ryan development and corporate build-to-suit work spans a wide range of product types including office, mixed-use, hospitality, multifamily housing and mission critical facilities. Ryan has nearly 1,300 employees in 13 offices and has completed projects in 38 states. For more information, visit ryancompanies.com.