Speculative 66,552-square-foot warehouse offers unparalleled transit infrastructure in high-barrier-to-entry submarket

CRG, the Chicago-based real estate development and investment management firm, today announced it is developing The Cubes at ORD, a 66,552-square-foot speculative industrial project on 4.27 acres at 3901 Fleetwood Drive in Franklin Park, Ill., immediately southeast of O’Hare International Airport.

Located at the major intersection of Irving Park Road and Seymour Avenue, with direct access to Interstate 294 and the airport, the multimodal facility will accommodate small and mid-size users looking for Class A space in one of Chicago’s most supply-constrained industrial submarkets. Completion is expected in fourth-quarter 2024.

“We are proud to remain at the forefront of industrial development and kick off our latest project, part of The Cubes brand, near O’Hare International Airport, bringing a smaller, cutting-edge warehouse and distribution facility to one of the most dynamic logistics hubs in the country,” said Susan Bergdoll, senior vice president and partner for the Midwest region at CRG. “This project further supports our strategy to provide modern, efficient spaces in desirable, infill locations that have become a critical link in today’s supply chains.”

Well-known for developing large-scale warehouse and distribution centers in major national markets, like the 1.03 million-square-foot Cubes at Country Club Hills in south suburban Chicago, CRG also is acquiring and developing smaller facilities closer to major population centers. As consumers expect ever-faster delivery times, smaller, last-mile industrial facilities have become increasingly valued – and rare.

The O’Hare submarket recorded a 2.49% vacancy rate at the end of 2023, according to Colliers.

Once completed, The Cubes at ORD will offer the same modern features as CRG’s other Cubes-branded facilities, including ESFR sprinkler systems, high-efficiency LED lighting, 20 exterior dock doors, two drive-in doors, 11 trailer storage spaces and car and truck parking for 70 vehicles – all features sought by the nation’s leading companies. CRG’s parent company, Clayco, will serve as the builder for the project, and CRG affiliate Lamar Johnson Collaborative will serve as the architect.

“The Cubes at ORD is significant to CRG because it is our smallest industrial development to date,” said Shawn Clark, CEO of CRG. “The project highlights our diversification strategy into smaller-scale developments and acquisitions, strategically positioned to meet our clients’ needs.”

CRG has engaged Avison Young’s Brian Colson and Brian Pomorski, both principals, Industrial Services, to spearhead leasing efforts for its development. In the land purchase transaction, CBRE’s Michael Caprile and his team represented the sellers, with Avison Young representing CRG.

CRG has planned, broken ground on or completed over 57 million square feet of industrial projects, serving tenants such as Amazon, Lowe’s and McKesson. In the Chicago area, CRG recently completed and executed a full-building lease with Dart Container at The Cubes at Country Club Hills, supporting the firm’s Midwest distribution operations.

About CRG:

CRG is a privately owned North American real estate development and investment firm founded in 1993 with deep expertise in delivering and owning industrial, office, multifamily, student housing and mixed-use assets. The firm serves clients and investors from seven regional offices benefiting from local expertise in Chicago, St. Louis, Seattle, SoCal, Phoenix, Philadelphia and Atlanta. CRG has developed more than 12,500 acres of land and delivered over 220 million square feet of assets exceeding $14 billion in value. For more information, visit CRG’s website at www.realcrg.com.

About The Cubes:
The Cubes is a North American industrial brand owned and developed by CRG. The Cubes represents CRG’s philosophy of developing for the future and anticipating the enhanced needs of tomorrow’s modern industrial users. The Cubes are designed with an emphasis on sustainability and implement state-of-the-art specifications, including maximum clear heights, dock doors and trailer storage to keep pace with the shift to consumer-centric logistic strategies. The Cubes are located in strategic locations that take into consideration both logistics and labor supply, always with the end user in mind.

About Avison Young:

Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community. Avison Young is a 2023 winner of the Canada’s Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 12 consecutive years.