CHICAGO – USAA Real Estate Company and The Opus Group announced today that USAA has acquired 32 acres of land in North Aurora, Ill., and has contracted Opus to develop, design and construct a 604,565-square-foot speculative industrial building. USAA Real Estate Company will own the building.
“The I-88 market is very tight,” said Mike Yungerman, vice president of real estate development at Opus Development Company, L.L.C. “There are very limited opportunities for large blocks of space and we’re excited to be able to fill the void along this corridor with a flexible project that can appeal to a wide range of tenants.”
The speculative building will be located in a high-density area, offering a stable labor pool and highly educated workforce from DuPage and Kane counties. Additionally, the site has immediate access to I-88 via the four-way interchange at Orchard Road.
“We are excited about the opportunity to commence this new development venture with Opus Development Company, L.L.C. and are confident that, with the design and expandability of this building, we will successfully meet the pent-up demand for larger users who currently have limited options to start up new operations or expand existing ones in the I-88 corridor,” said David Reahl, executive director with USAA Real Estate Company.
Building features include 32-foot clear height, 60 docks (expandable), 103 trailer parking spaces (expandable), ESFR sprinkler system, T5 lighting, office space to suit future tenant requirements and future expansion capabilities to 1 million square feet. Construction is slated to begin in early October, with completion scheduled for June 2014.
Opus Development Company, L.L.C. will be the developer, Opus Design Build, L.L.C. will construct the building and Opus AE Group, L.L.C. will serve as project architect.
Brendan Kelly of Avison Young represented Opus in the land transaction. Opus also purchased an adjacent 25 acre parcel that is available for build-to-suit opportunities or building expansion.
About USAA Real Estate Company:
USAA Real Estate Company, with approximately $12 billion in assets under management, provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors. The USAA portfolio consists of office, industrial, multi-family, retail and hotel properties, as well as investments in real estate operating companies. USAA Real Estate Company is a subsidiary of USAA, a leading financial services company, serving military families since 1922. For more information, please visit www.usrealco.com.
About The Opus Group
The Opus Group®is a family of commercial real estate 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; sales and leasing. 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 office, industrial, retail, institutional, residential and government 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.