Interstate Holdings Current Investments
AUTO PARTS CITY- GURNEE, ILLINOIS |
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Interstate Holdings, LLC acquired the subject property on a short term sale/leaseback from Auto Parts City, Inc. in December 2007. The property consists of 15.5 acres and includes two equipment storage/maintenance facilities totaling 45,000 SF. The properties original use and design was as an equipment maintenance compound, today however it is a staging area for an auto salvage business. Given the properties age and current/former use, the site and buildings are in disrepair. The partnership will make significant improvements to the outside storage/parking surface and buildings. This will make the property more attractive to potential users and capitalize on the uniqueness of the large land site and heavy zoning in order to secure a heavier industrial user or multiple users. Auto Parts City continues to lease back a portion of the site and has reduced its rental area to a size that will allow the improvements to begin Summer 2009 with space available for delivery by Fall 2009. |
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13555 MAIN STREET - LEMONT, ILLINOIS |
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Interstate Holdings, LLC acquired the subject property in February 2007 from Ashland Chemical Company. The facility, a high hazard chemical distribution center with heavy industrial zoning included a 33,000 square foot warehouse, a large tank farm and several acres of outside. Interstate Holdings acquired the surplus asset 100% vacant and upon closing, immediately commenced a significant redevelopment and repositioning of the property. The strategy was to make generic improvements to the property that would enhance its utility for non-chemical users of heavier industrial facilities with extra land, such as transportation and construction users, while continuing to target chemical users. In September 2007 the partnership completed a 10-year Triple Net Lease with Dayton Superior, Inc. (www.daytonsuperior.com), a leading manufacturer and distributor of specialty building products. The facility will be occupied by the company’s concrete forming subsidiary, SYMONS. |
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TWIN RAIL INDUSTRIAL PARK – MINOOKA, ILLINOIS |
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In September 2007 a partnership lead by Interstate Holdings, LLC completed the acquisition of a 46 acre farm site situated at the west end of the 100 acre Twin Rail Industrial Park in Minooka Illinois. Minooka is located in the heart of the red hot I-80 industrial corridor and is in close proximity to the I-80/I-55 junction. The partnership completed site improvements in September 2008 and closed on its first land sale with M.A. Mortenson, a large international general contractor, in July 2008. The site will house Mortenson's Midwest equipment storage and maintenance facility. Twin Rail site improvements include off-site detention and subdivision into 13 building sites ranging from 2-5 acres. The park is served by municipal sewer and water and is zoned I-2 in Minooka which allows for outside storage and many heavier industrial uses that are not readily acceptable at many of the growing number of industrial parks throughout this area. The partnership will do outright land sales to users—which is very unique in this environment—or provide turnkey build-to-suit solutions. Twin Rail Industrial Park Amenities:
Site improvements are scheduled to begin at Twin Rail Industrial Park this Fall and be completed in Spring 2008. |
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BOLINGBROOK TRANSPORT CENTER (BTC) – BOLINGBROOK, ILLINOIS |
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Bolingbrook Transport Center broke ground in April 2006 and was a speculative development project consisting of a 90 door cross-dock motor freight terminal, with 105 trailer parking positions and general office facilities. The project is situated on a 9.2 acre site; strategically located along the I-55 corridor in Bolingbrook, Illinois. Motor Freight terminals are utilized by Less Than Truckload (LTL) Carriers such as FedEx, Yellow Freight, ABF, etc. and are a critical component of the modern supply chain. In January 2006 the partnership signed a Triple Net Lease with Roadway Express under which Roadway shall occupy 100% of the facility for 10 years. Roadway Express is a wholly owned subsidiary of YRC Worldwide, Inc. (Yellow Freight) and is the company’s largest business unit. YRC Worldwide, Inc. trades on NYSE (YRCW) and is the largest LTL carrier in the United States. |
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625 ROUTE 83 – ELMHURST, ILLINOIS |
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As a continuation of our strategy to build and/or acquire difficult-to-zone transportation and service oriented property, Interstate Companies acquired the former Mid-America Truck facility in Elmhurst, Illinois. The acquisition was completed in December 2006 and the partnership has since completed a Triple Net Lease with Hertz Equipment Rental under which Hertz shall occupy 100% of the property for 12 years. The facility consists of eleven (11) drive-in service bays, customer will call area, administrative offices and three acres of outside storage. This location will serve as the company’s O’Hare area equipment depot. |
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MCLEAN COUNTY INDUSTRIAL CENTER (MCIC) – CHENOA, ILLINOIS |
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MCIC is a 513 acre master planned, mixed use development located along I-55 in Chenoa, Illinois. The partnership closed on the land acquisition in October 2006 and we are currently in the process of zoning and annexing the property to Chenoa. The property will be placed in a newly created Tax Incremental Financing (TIF) District set up specifically for our project. Additionally, we are negotiating to have an Enterprise Zone in Bloomington-Normal extended to include our site. Acreage Mix by Zoning Classification:
On the industrial portion of the project we will target major Distribution & Transportation users (500,000 to 1,000,000+ square feet), Manufacturers and Farm/Agricultural related uses. Industrial Amenities:
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CONGRESS STATION – CRYSTAL LAKE, ILLINOIS |
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Congress Station is a speculative, master planned, mixed use development. The project is situated on a 17 acre site which is strategically located kitty-corner from Crystal Lake’s new Metra Station. The project will consist of both office and retail buildings. The partnership closed on the land in April 2006 and in that time we have completed a Planned Unit Development (PUD) with Crystal Lake. We have completed an agreement, and subsequently broke ground, on a 65,000 square foot, three story office building on a build-to-suit-sale basis for a leading northwest suburban doctors group. We are currently under contract to sell a portion of our retail site to a local restaurateur and plan break ground later this year on two (2) single story masonry office buildings. Upon completion, Congress Station will total approximately 110,000 square feet of commercial space. |
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