Giving voice to your brand

 
 

NAI Hiffman Selected as Exclusive Leasing Agent for South Branch Commerce Center in Chicago’s Bridgeport Neighborhood

February 28, 2020

NAI Hiffman, the largest independent real estate services firm in the Midwest, today announced it has been retained by Karis Industrial and Stonemont Financial Group to lease South Branch Commerce Center at 3535 S. Ashland Ave. in Chicago’s South Side Bridgeport neighborhood. A speculative warehouse/distribution building spanning approximately 260,000 square feet will be available for lease; ownership will break ground on the building this spring and it will sit on the 16.38-acre site that formerly housed the Wm. Wrigley Jr. Co. gum factory.

The speculative development in Bridgeport, a neighborhood that has seen little industrial development in decades, will be within 3 miles of the Loop. It has been designed to meet the rising demand for fulfillment and distribution of online orders in the city, according to NAI Hiffman’s Senior Vice President John Basile and Executive Vice President Chris Gary, leasing brokers for the property.

“We advised the developer on the site plan and market dynamics during the acquisition of the site, so it’s an honor to continue the relationship with the assignment to market this one-of-a-kind property,” said Basile. “The surge of e-commerce activity in recent years has lured developers to well-located, urban sites. This rare last-mile opportunity offers the largest new-construction distribution center within 3 miles of downtown Chicago.”

Located on the southeast corner of 35th Street and Ashland Avenue, the 259,862-square-foot warehouse/distribution building will offer a build-to-suit office area, 32-foot clear ceiling heights, a 395-foot-by-650-foot dimension, 60 exterior docks (expandable by 20), four drive-in doors and a speed bay. The site’s truck court will measure 130 feet by 150 feet with a 60-foot concrete apron. The property will provide 113 trailer spots and 458 vehicle parking spots in a secured auxiliary lot. The flexible site plan includes drive-thru capabilities with multiple entry and exit points, which is ideal for highly efficient loading in a densely populated area.

“The demand is high for same-day deliveries, but the supply of urban infill distribution centers to meet this demand is constrained,” said Gary. “This large site allows the developer to include the truck-maneuvering capabilities found in suburban sites, but at a city location only 10 minutes from downtown, the thriving West Loop and the Fulton Market District.”

“An infill property of this magnitude is very rare in the city of Chicago,” said Jeff Berryhill, principal, Stonemont Financial Group. “This state-of-the-art facility will help meet the growing demand from a variety of different users and industries in the market. We look forward to starting construction and partnering with Karis Industrial and NAI Hiffman on this project.”

In addition to its position along the wide, four-lane Ashland Avenue arterial for easy truck access, the I-55 Expressway is 1 mile from the property and the full interchange at 35th Street and the I-94 Expressway is 1.7 miles from the property.

South Branch Commerce Center is also located near the largest industrial labor force in Chicago, providing access to 23,749 employees within a 1-mile radius and 133,133 employees within a 3-mile radius. Employees will also have several choices of public transportation to the site, including a CTA bus along 35th Street, a CTA Express bus along Ashland Avenue, and the CTA’s Orange Line.

For more leasing information, visit www.hiffman.com. 

About NAI Hiffman:

NAI Hiffman is the largest independent real estate services firm in the Midwest, providing leasing, management, tenant representation, capital markets, project management and marketing services for institutional and private owners and occupiers of commercial real estate. It currently leases and manages an 89+ million square foot portfolio of more than 700 commercial properties throughout the region, with a primary focus on metropolitan Chicago.  With more than 200 employees, NAI Hiffman is the Chicago-area representative for NAI Global, the world’s largest managed network of real estate service providers, with more than 6,700 local market professionals managing more than 380 million square feet of property. NAI Global has more than 375 offices strategically located throughout North America, Latin America, Europe and Asia Pacific. For more information, please visit www.hiffman.com.

About Stonemont Financial Group:

Stonemont Financial Group specializes in investing across a broad spectrum of real estate asset classes and geographies to deliver attractive risk-adjusted returns. Stonemont offers diversified and differentiated real estate investment strategies and vehicles to institutions, family offices, trusts and high net-worth individuals. For more information on Stonemont and its initiatives, please visit our website at www.stonemontfinancial.com.

 

South Branch Commerce Center Site Aerial View: Ariel view of the future site of South Branch Commerce Center, a 259,862-square-foot distribution center located at 3535 S. Ashland Ave. in Chicago’s Bridgeport neighborhood. Image data credit: Google, Landsat/Copernicus, NOAA

 

South Branch Commerce Center Rendering: NAI Hiffman is the exclusive leasing agent for South Branch Commerce Center, a 259,862-square-foot distribution center to be built at 3535 S. Ashland Ave. in Chicago’s Bridgeport neighborhood.