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Dermody Breaks Ground on 2.4 MSF Chicagoland Logistics Park

4 months ago

Completion of the first facility is expected in 2025. The post Dermody Breaks Ground on 2.4 MSF Chicagoland Logistics Park appeared first on Commercial Property Executive.

Several Dermody executives and WestRock officials attended the groundbreaking ceremony. Image courtesy of Dermody Properties

Dermody Properties has broken ground on LogistiCenter at Pleasant Prairie, a 2.4 million-square-foot logistics park in Pleasant Prairie, Wis., as it secured the property’s first tenant. WestRock signed a build-to-suit lease for a more than 580,000-square-foot facility at the site, with delivery expected in 2025.

Westrock, a sustainable packaging manufacturer, announced plans for the estimated $140 million development early this year. The company intends to shut down its current plant in North Chicago upon the new facility’s completion.

Dermody purchased the park’s 232-acre site, previously home to a We Energies power plant, in September 2023. The acquisition also included the property’s redevelopment plans, which initially comprised three buildings of 593,565 square feet, 675,200 square feet and 1.1 million square feet, respectively.

Standing as Wisconsin’s only rail-served logistics park, LogistiCenter at Pleasant Prairie will be able to accommodate build-to-suits from 250,000 square feet to 1.8 million square feet and will feature flexible clear heights, trailer parking, fresh water service from Lake Michigan and a 345 KV transmission line available for direct connectivity.

Dermody Properties has invested more than $10 billion of total capital across all platforms nationwide, having acquired and developed approximately 110 million square feet of logistics and industrial facilities. The company currently has multiple properties available in the Midwest region totaling 3.6 million square feet.

Chicago’s industrial market stands out

Located at 8000 95th St., LogistiCenter is near Interstate 94, which allows easy access across the downtown Milwaukee and Chicago. The site is also adjacent to the 1,496-acre LakeView
Corporate Park.

Chicago ranked fourth among leading U.S. industrial markets with 10.8 million square feet of space under construction in May, according to a recent CommercialEdge report. The Windy City also stood out for industrial transactions, registering the largest sales volume in the Midwest year-to-date as of May, at $910 million.

The post Dermody Breaks Ground on 2.4 MSF Chicagoland Logistics Park appeared first on Commercial Property Executive.