August 31, 2016
CHICAGO, IL – Co-developers Venture One Real Estate and CRG, the real estate development group of Clayco, broke ground today on a 1,000,560-square-foot distribution center in University Park, Ill. The state-of-the-art 36’ clear cross-dock distribution facility will be occupied by Georgia Pacific upon completion.
A joint venture between Venture One and CRG, the Georgia Pacific distribution center is the first building in Gateway 57 Industrial Park in University Park, a 127-acre development located at the northwest corner of the newly constructed interchange of I-57 and Stuenkel Road. Upon completion, the park will be able to accommodate an array of user requirements ranging from 300,000 to 1,200,000 square-feet.
Clayco will serve as the design-builder and BatesForum will act as the architect on the project. Wells Fargo will provide the construction financing.
“We are very excited to kick off Gateway 57 with Georgia Pacific, a world class user who is equally dedicated to expanding their operations in I-57 corridor,” said Mark Goode, Principal at Venture One. “Thank you to University Park who was instrumental in seeing this project get off the ground. We look forward to continuing our investment into the community by offering users unparalleled access as we continue to build out Gateway 57.”
“We are proud to be a partner in this venture and further our relationship with the University Park community,” said Kevin McKenna, Executive Vice President at Clayco. “Georgia Pacific, as one of the world’s leading manufacturers, has shown great interest in Gateway 57 and we are pleased to work with them again to bring their distribution center to reality.”
Sean Boswell and Lynn Reich of Colliers International represented Georgia Pacific in the transaction. The facility is set to be completed in the summer of 2017.