Land Activity in Aurora
Outlines New Spec Project and Land Sale for Future Spec Development
Over two decades after acquiring approximately 36 acres of land in west-suburban Aurora that ultimately became Orchard 88 Business Park, Podolsky|Circle CORFAC International has announced plans for a 45,000-square-foot industrial spec building and the sale of approximately 9.7 acres. The milestone events at Orchard 88 were announced by Podolsky|Circle’s Managing Principal, Randy D. Podolsky, and Principal Adam J. Tarantur, CCIM.
“We envisioned that business and economic opportunity in Aurora could extend beyond White Oaks Industrial Park, long characterized as one of the boundaries of the market,” Podolsky said. “Over time, as evidenced by developments such as the Eola interchange and industrial development along the Diehl Road corridor, that premise has held true and creates the market scenario that exists today at Orchard 88.”
Podolsky|Circle expects to break ground later this summer on a 45,000-square-foot industrial facility on a 2.7 acre site within the Park. The facility is being marketed as a single-tenant building and is expected to attract great interest from users in the market that want to leverage existing market conditions, including attractive financing alternatives, to gain greater control over their real estate operations through an ownership or build-to-suit transaction.
“There are very few opportunities for users to own well-located buildings in the I-88 market with modern features such as 28’ clear ceilings, ESFR sprinklers and parking ratios that can accommodate up to 20% office” Tarantur said.
In the second milestone for Orchard 88, four lots totaling approximately 9.7 acres have been combined to accommodate an approximately 185,000-square-foot spec development by The Missner Group. While plans are still being formulated, the development could break ground with an anchor tenant in place.
With these recent developments, one land parcel totaling approximately 1.5 acres remains available for acquisition and development at Orchard 88.
Podolsky noted that land positions are not for the faint of heart as it can take time, particularly for parks that push geographic boundaries, before the full vision is realized. He cited the development history at Orchard 88 as an example, including the 2006 development of the USA Athletic Club and Spa and the 2007 development of the Candlewood Suites hotel.