Seefried Industrial Properties moves ahead with new spec building in Mount Prospect
Mount Prospect officials joined Seefried Industrial Properties this week to break ground on a new spec industrial building at 1305 E. Algonquin Road, in the south end of the village.
The more than 40-year-old Atlanta-based real estate firm, which has four other regional offices, including one in Chicago, plans to spend about $10.7 million to demolish an existing 32,000-square-foot building on the roughly 13-acre site and erect a new 191,000-square-foot warehouse distribution facility.
The new development will feature 40 docks, 200 car parking stalls, two drive-in doors, and 15 trailer stalls.
It is the 16th foray into the O’Hare submarket for the firm, which has developed more than 200 million square feet of space valued in excess of $18 billion across more than 30 markets.
It also is the firm’s second project in Mount Prospect. The first also was on the southern end at 2240 S. Busse Road and is home to World Courier and Cartage Xperts.
“We cannot thank Seefried Industrial enough for choosing another site, which was underutilized (frankly shuttered) in south Mount Prospect and building a new 190,000-square-foot industrial building, which, after construction, will have new productive tenants with positive activity and new employees,” Mayor Paul Hoefert said at Tuesday’s groundbreaking.
“In Mount Prospect at large, we have over 5.5 million square feet of industrial space, which is for the most part occupied. Mount Prospect is truly the land of opportunity,” he added.
Seefried received support from the village for a Cook County Class 6b property tax incentive for the property. The incentive, which lasts for 12 years, reduces the assessment level for qualified manufacturing and warehouse/distribution facilities from 25% to 10% for the first 10 years, 15% for year 11 and 20% in year 12. After year 12, the assessment level returns to the full 25%.
“Your support and guidance have been invaluable,” Reid Rossberger, Seefried development manager in its Chicago office, told Mount Prospect officials at the groundbreaking. “Throughout both of these projects, the ease of communication and transparency staff has provided has been truly top notch. We look forward to working with you on many more projects in the years to come.”