CBRE inks deal for Elk Grove Technology Park

The Chicago office of CBRE represented the seller and the buyer in an 85.76-acre land purchase at 955 E. Higgins Road in Elk Grove Village.

The approximate boundaries of the Elk Grove Technology Park are Higgins Road on the north, Lively Road on the east, Oakton Boulevard on the south and King Street on the West.

CBRE's Mike Sedjo, John Hamilton, Jack Brennan and Tony Gange represented the seller, Tim Busse, and the buyer, Brennan Investment Group and Greenfield Partners. CBRE also represented the partnership in the acquisition of 17 additional acres adjacent to the larger parcel, which closed on the same day.

Pursued by developers for decades, the 85.76-acre parcel, known as Busse Farm, is the largest unimproved site in the O'Hare industrial market. Brennan Investment Group has worked closely with Elk Grove Village over the past two years to obtain approval for the Elk Grove Technology Park, a new 85-acre in-fill development - one of the largest of its kind in the country - that will offer 1.2 million square feet of high-image, state-of-the-art industrial and data center space.

"Since announcing the project earlier this year, we have been gratified to see the incredible demand from high-tech industrial and clean manufacturing firms, as well as data center providers," said Michael Brennan, chairman and managing principal of Brennan Investment Group. "With this transaction, we are ready to commence one of the most significant industrial developments in the country."

In the first quarter of 2018, Brennan and Greenfield will initiate the development with an amenity-rich infrastructure featuring ponds, water features, sculptures, bike paths and pedestrian walkways. Upon completion, the developer will construct several speculative facilities with frontage on Higgins Road. The proposed buildings range in size from 75,000 to 250,000 square feet. All buildings will feature modern, pre-cast construction with high-end glass facades, state-of-the-art systems and fixtures, 32-foot ceiling clearance and ample automotive parking.

The CBRE team of Sedjo, Hamilton and Brennan will lead the industrial leasing efforts. Todd Bateman, North American practice leader for CBRE's Data Center Solutions team, will manage data center leasing.

Elk Grove Village is the largest community within the O'Hare market with more than 3,600 companies calling Elk Grove Village its principal location.

According to CBRE research, industrial vacancy in the O'Hare market is under 3 percent percent and there is very little construction in the pipeline.