USAA Real Estate Company and The Opus Group announced today the start of construction on I-88 Gateway Logistics Center, a 604,565-square-foot speculative industrial building in North Aurora, Ill., that will be owned by an investment affiliate of USAA Real Estate Company. A ceremonial groundbreaking ceremony was held this morning to commemorate the event.–
“We are very pleased to get this project started in North Aurora,” said Mike Yungerman, vice president of real estate development at Opus Development Company, L.L.C. “We are beginning to see good market activity and believe that our delivery in June will be well-timed to the expanding market.”
The building will be located at 1200 Orchard Gateway Boulevard with immediate access to I-88, offering a stable labor pool and highly educated workforce from DuPage and Kane counties. Representatives from Opus, USAA Real Estate Company and the village of North Aurora were present for the groundbreaking ceremony.
“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. Project completion is scheduled for June 2014.
“The North Aurora Village Board is excited to begin this planned growth project,” said Dale Berman, village president of North Aurora. “We welcome Opus and USAA Real Estate Company and look forward to expanded employment and business successes in our area.”
Opus Development Company, L.L.C. is the developer, Opus Design Build, L.L.C. is constructing the building and Opus AE Group, L.L.C. is serving as project architect.
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; , 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.