ELGIN, IL—The Globe Corp. and Conor Commercial recently formed a joint venture for land acquisition and development, and purchased a 20-acre parcel within the Northwest Corporate Park for the development of a 342,620-sq.-ft. speculative industrial building.

The Busse Family sold the property, also known as Northwest Pointe, located along Interstate 90 and Randall Road. Mark Saturno, COO with Conor, says his company is pleased to partner with Globe, a subsidiary of the McShane Cos. “We remain heavily focused on the industrial market across the country and are confident that Northwest Pointe will enjoy robust interest and leasing activity as a Class A opportunity for new industrial distribution/warehouse space within the Chicago suburban market,” he said in a statement. With not much new construction, the Chicago industrial markets have seen occupancies rise as existing inventory is depleted.

The venture said it will break ground soon on the facility. Plans include single- or multi-tenant suites ranging in size from 70,000 sq. ft. to 342,000 sq. ft. The building will also feature cross-dock or single load configuration with a 32-foot clear height and office space to suit.

Kenneth Franzese and John Cassidy, principals with Lee & Associates, represented the Conor / Globe venture in the acquisition and will serve as exclusive marketing agents for the property. McShane and Ware Malcomb are providing the design and construction services for the new development.