Real estate investment firm Logistics Property Company has acquired a 15-acre property in Addison with plans to build a new logistics distribution hub, the third such move it has made in DuPage County this summer.
Terms of the acquisition were not announced.
The company plans to build two speculative buildings totaling 274,855 square feet on the property at the southeast corner of Lake Street and Swift Road in Addison, the company said in a statement.
Aaron Martell, LPC's executive vice president -- Midwest region based in Chicago, said the property was one of the few large vacant tracts available in northeast DuPage County, and its location near three major expressways and O'Hare International Airport made it an ideal spot for a distribution hub.
"Large class A infill properties are a scarcity in DuPage County, even more so in a location this strategic," Martell said. "You hold on to a site like this."
Doug Pilcher, director of brokerage services at Chicago-based Cushman & Wakefield -- the leasing agent for the new facilities -- added speculative construction in the area has been limited due to the lack of available vacant space.
"There has not been an industrial speculative development in Addison for over 10 years, primarily because you can't find the land," he said.
Last month, LPC acquired 11.79 acres in Carol Stream for an undisclosed amount. The firm plans to build a 185,796-square-foot facility with 47 trailer parking stalls at the location, named 550 Center Avenue. Construction is expected to be completed in the first quarter of 2020.
In May, LPC acquired a 28-acre site at the entrance of Brewster Creek Business Park at Stearns and Munger roads in Bartlett for an undisclosed sum, with plans to develop two distribution facilities totaling 414,000 square feet.