Industrial Outdoor Ventures to Develop Chicago-Area Project

Trumpet Park North. Image courtesy of Industrial Outdoor Ventures

Industrial Outdoor Ventures has acquired two plots of land totaling 56 acres for the construction of Trumpet Park North and South, a two-building complex of industrial service and outdoor storage facilities in Zion, Ill.

Located at Trump Road and 9th St., and SWC Russel Road and Green Bay Road, respectively, IOV’s industrial service facilities will include a total of 1,200 truck parking spaces, as well 26,000 square feet of maintenance and service space. Construction is expected to cost $35 million.

A Chicago-based Colliers International team represented the seller in the transaction. IOV has tapped the firm to market the development. Construction is expected to begin in the spring of 2023, with a scheduled delivery in the fourth quarter of that year.

READ ALSO: Industrial Outdoor Storage Is the New Hot CRE Type

The parcel of land located at the intersection of Russel Road and Green Bay road totals 47 acres, and the one on Trump Road and 9th St. spans 9 acres. Spaceco is providing the developer with civil and surveying services for the speculative projects, while Arete Design Studio is leading the leading the design and planning efforts.

On the 47-acre site, IOV is planning to deliver a 15,000-square-foot maintenance facility, which includes 10 overhead doors, as well as 1,000 parking stalls. On the 9-acre site, IOV is planning to build an 11,800-square-foot maintenance and service facility. Upon completion, the park will offer a list of supply-chain and logistics-related services to tenants involved in transportation, bulk material distribution, last-mile shipping, heavy equipment transportation and utilities. The facilities will be available for truck parking and loading maintenance and servicing, as well as material storage and warehousing.

Trumpet Park South. Image courtesy of Industrial Outdoor Ventures

Located to the east of the interstate 94, the development will provide easy access to four of the Midwest’s most active industrial submarkets, which total more than 228 million square feet of space. The facilities lie within a mile of the Illinois-Wisconsin border, equidistant between Chicago and Milwaukee.

The Colliers team representing the seller was led by Principals Christopher Volkert and Jeff Devine, as well as Senior Vice President Ned Frank. Volkert, Frank and Senior Vice President Pat Hake have been appointed exclusive marketing representatives for the new development.

The Outdoor Storage Surge

Over the last several years, the market for industrial outdoor storage and industrial service facilities has grown dramatically. Estimated at about $200 billion, the market is attracting interest from some of the nation’s largest developers and investors. Part of this trend is due to increased demand for space that has far outpaced supply, the convenience of locations along major shipping corridors and lower operating costs compared to similarly placed facilities.

IOV remains a particularly active player in the sector, having recently entered the New Jersey market with the acquisition of an 8.7-acre outdoor storage facility in Edison.