Chicago-based industrial and logistics developer Dayton Street Partners plans to buy three land sites in Portage, Indiana, totaling about 42 acres, where it will develop DSP Crossroads Portage, a three-building project totaling 538K SF of warehouse/distribution space, according to Newmark, which represents the sellers.
It’s another sign that the record-breaking expansion going on in the industrial sector is leading developers from across Chicagoland to start considering Northwest Indiana as a possible hub for distribution.
Courtesy of Dayton Street Partners
DSP Crossroads Portage rendering
“We are excited to make this move into the Northwest Indiana industrial market, which has strong fundamentals and growing demand from logistics and distribution related tenants,” DSP Managing Principal Howard Wedren said in a press release. “Our DSP Crossroads Portage project, which is just 30 miles from Chicago, is well-positioned for industrial and logistics users, featuring incredibly high visibility, frontage on I-94 and easy access to I-80, I-90 and I-65.”
Newmark Senior Managing Director Corey Chase, in cooperation with associate Chris Hill, represents the undisclosed sellers. Upon closing, Chase and Hill will market the buildings for lease or sale on behalf of DSP.
According to Newmark Research, developers will this year deliver almost 1M SF of new industrial space in the submarket, of which 420K SF has already been leased.
“As demand for logistics and distribution product ramps up in the Chicagoland area, similar demand and development has begun to pick up in Northwest Indiana as a result,” Chase said in a release. “This site represents a rare opportunity: a large, contiguous land site with highway frontage availability in Northwest Indiana.”
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