CAROL STREAM -- Logistics Property Company, a logistics real estate platform focused on the acquisition, development and management of properties, has acquired 11.79 acres of land in Carol Stream.
Terms of the acquisition were not announced.
LPC is planning to build a 185,796 square foot single load facility with 47 trailer parking stalls at the location, which has been named 550 Center Avenue. Construction is expected to be completed in the first quarter of 2020.
"This is one of the last good sites in the submarket," said Aaron Martell, LPC's executive vice president -- Midwest region.
Irv Gilner, Executive Vice President at Transwestern Commercial Services is leasing the project.
"The transformation of this property from a recycling center to a Class-A logistics building emphasizes LPC's commitment to improve the business environment in Carol Stream's booming industrial sector," said Gilner.
It is LPC's fifth active project in the Midwest with 94 Logistics Park in Kenosha, Wis.; LogiPark 57-80 in Country Club Hills; Brewster Creek Logistics Park in Bartlett; and 3711 South Ashland Avenue in Chicago.