On Wednesday, September 26, Elion’s Managing Partner Juan DeAngulo participated in a panel hosted by NAIOP Chicago, titled The Industrial Mag Mile(s): I-55, I-355 & I-80. Juan was joined by panelists Susan Bergdoll, Vice President, Leasing & Development, Duke Realty, James Carpenter, Executive Managing Director, Capital Markets, Cushman & Wakefield, and Jeffrey Kapcheck, Senior Vice President, CBRE, Inc., and moderator Matthew Grusecki, Senior Vice President, Northern Builders, Inc.The discussion centered on how tenants are making decisions in these submarkets, the pace of demand and rental rates, and what the future of these markets looks like.
Elion has a unique view on these submarkets due to its RidgePort Logistics Center. The property, located at the intersection of Interstate 55 and Lorenzo Road in Wilmington, IL, is a long-term partnership between Elion and the local community. Within the course of the development plan, RidgePort will have approximately 680 construction and construction-related workers during development, and around 12,600 full-time employees upon completion of the project. The cumulative economic impact of construction will reach $2.5 billion over the development period, and the permanent economic impacts are projected to reach $1.9 billion per year on an ongoing basis. RidgePort Logistics Center underscores Elion’s commitment to the Industrial Mag Miles submarket and the vast potential growth the firm sees in the area.
In 2017, NAIOP named RidgePort Logistics Centers’ General Mills Project as the Build to Suit of the Year. Elion Partners in partnership with developer Ridge Development and the JLL leasing team of Keith Stauber, Steve Ostrowski, Dominic Carbonari, and Matt Rakowich, were able to attract this tenant by leveraging their large site availability and pursuing aggressive pricing and timing. Elion is pleased to continue its long-standing relationship with NAIOP by participating on its panel and highlighting the growth prospections in the region with other industry leaders.