The Opus Group (Opus) has started construction on Alsip Park 294, a two-building, speculative industrial development in the Chicago suburb of Alsip. Located on 22 acres near the northwest corner of I-294 and 127th Street, Alsip Park 294 will bring 360,000 total square feet of space to the market for warehouse, logistics and manufacturing users. The development is a joint venture between Opus and Principal Asset ManagementSM.
“We're excited to bring new industrial space to a rare infill opportunity in the Chicago market," said Mike Robinson, senior director of real estate development at Opus. “With convenient interstate access and close proximity to airports, freight handlers and other industrial users, Alsip Park 294 is an ideal location for many prospective tenants."
Alsip Park 294 has immediate access to a full I-294 interchange with visibility from the interstate. It is located nine miles from the UPS package sorting hub in Hodgkins, nine miles from Chicago Midway Airport and 33 miles from O'Hare International Airport. It is a few blocks from the Cicero Avenue commercial corridor, where hotels, restaurants and retail options are abundant.
“When this property became available, we knew we wanted to partner with Opus to develop it as a modern, sustainably designed industrial space," said David Straka, managing director at Principal Asset Management. “Alsip Park 294 allows us to support the local economy through new jobs and an expanded tax base, while meeting the demand for industrial space near Chicago."
Building A is 190,935 square feet with 32-foot clear height, 18 dock doors (expandable to 34), two drive-in doors and 169 auto parking stalls. Building B is 169,064 square feet with 32-foot clear height, 18 dock doors (expandable to 33) and 138 auto parking stalls.
Both buildings have been designed to meet Green Globe certification. Examples of sustainable features include clerestory windows, storefront glazing, LED lighting and motion-activated bay lighting, and drought-tolerant landscaping. All stone, precast walls, concrete and asphalt will be locally sourced.
The buildings are slated for completion in August 2024.
Opus is the developer, design-builder and architect and structural engineer of record. Brian Kling and Jake Spinell of Colliers are marketing the buildings for lease.
Over the past 15 years, Principal Real Estate, the dedicated real estate team at Principal Asset Management, has been involved in the development of almost $14.5 billion of commercial real estate projects, including over $5.5 billion of industrial assets.
[1] As of September 30, 2023
[2] Pensions & Investments, “The Best Places to Work in Money Management", among companies with 1,000 or more employees, December 2022.
“We're excited to bring new industrial space to a rare infill opportunity in the Chicago market," said Mike Robinson, senior director of real estate development at Opus. “With convenient interstate access and close proximity to airports, freight handlers and other industrial users, Alsip Park 294 is an ideal location for many prospective tenants."
Alsip Park 294 has immediate access to a full I-294 interchange with visibility from the interstate. It is located nine miles from the UPS package sorting hub in Hodgkins, nine miles from Chicago Midway Airport and 33 miles from O'Hare International Airport. It is a few blocks from the Cicero Avenue commercial corridor, where hotels, restaurants and retail options are abundant.
“When this property became available, we knew we wanted to partner with Opus to develop it as a modern, sustainably designed industrial space," said David Straka, managing director at Principal Asset Management. “Alsip Park 294 allows us to support the local economy through new jobs and an expanded tax base, while meeting the demand for industrial space near Chicago."
Building A is 190,935 square feet with 32-foot clear height, 18 dock doors (expandable to 34), two drive-in doors and 169 auto parking stalls. Building B is 169,064 square feet with 32-foot clear height, 18 dock doors (expandable to 33) and 138 auto parking stalls.
Both buildings have been designed to meet Green Globe certification. Examples of sustainable features include clerestory windows, storefront glazing, LED lighting and motion-activated bay lighting, and drought-tolerant landscaping. All stone, precast walls, concrete and asphalt will be locally sourced.
The buildings are slated for completion in August 2024.
Opus is the developer, design-builder and architect and structural engineer of record. Brian Kling and Jake Spinell of Colliers are marketing the buildings for lease.
Over the past 15 years, Principal Real Estate, the dedicated real estate team at Principal Asset Management, has been involved in the development of almost $14.5 billion of commercial real estate projects, including over $5.5 billion of industrial assets.
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 industrial, office, residential, retail and institutional 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 The Opus Group on LinkedIn and Instagram.About Principal Asset ManagementSM
With public and private market capabilities across all asset classes, Principal Asset Management and its investment specialists look at asset management through a different lens, creating solutions to help deliver client investment objectives. By applying local insights with global perspectives, Principal Asset Management identifies distinct and compelling investment opportunities for more than 1,100 institutional clients in over 80 markets.1 Principal Asset Management is the global investment solutions business for Principal Financial Group® (Nasdaq: PFG), managing $506.9 billion in assets1 and recognized as a “Best Places to Work in Money Management"2 for 11 consecutive years.[1] As of September 30, 2023
[2] Pensions & Investments, “The Best Places to Work in Money Management", among companies with 1,000 or more employees, December 2022.