First spec industrial project set to launch in southern Lake County since 2008
Los Angeles-based CBRE Group assisted Ridgeline Property Group in the purchase of an 11-acre industrial site at 850 Asbury Drive in Buffalo Grove.
The developer plans a 157,000-square-foot speculative industrial facility at the site, the first to launch in southern Lake County since 2008.
Zach Graham, first vice president, and Ryan Bain, senior vice president, were the sole brokers in the transaction.
"The southern Lake County market is incredibly tight right now," Graham said. "There are few opportunities for large users looking for new Class A space. The majority of product available right now is older and does not deliver all of the efficiencies that modern distributors seek. This project will meet a huge demand currently in this market. The timing is exactly right for Ridgeline to embark on this development."
According to CBRE research, Lake County recorded 1,268,028 square feet of positive absorption in the fourth quarter of 2015 and first quarter of 2016, lowering the overall vacancy rate to 5.5 percent.
The facility is located minutes from a four-way interchange at Lake-Cook Road and Half Day Road, which provides quick access to I-94.
The new development will highlight such features as 32-foot clear heights, 36 exterior docks and four drive-in doors as well as 173 parking spots.
CBRE Group Inc., a Fortune 500 and S&P 500 company, is one of the largest commercial real estate services and investment firm (in terms of 2015 revenue). The company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide.
Ridgeline Property Group is a commercial real estate development and investment company operating throughout the United States. Headquartered in Atlanta, the firm has a particular focus on the acquisition, development and management of high-quality industrial and office properties in strategic markets.