CHICAGO--(BUSINESS WIRE)--Jun 11, 2019--
Today, real estate investment firm Elion Partners ("Elion" or "the firm") announced that it has renamed what was formerly RidgePort Logistics Center to Elion Logistics Park 55 (" ELP 55 " or "the Park"), in Wilmington, IL, 40 miles southwest of Chicago. Upon completion, after an approximate $2 billion development project, the Park will be the largest rail-served industrial mixed-use logistics park in the Midwestern United States, and one of the largest in the country. The firm has also retained CBRE to bolster its leasing efforts as it progresses its development project.
In 2016, Elion acquired more than 1,000 acres of land in the Greater Chicago area with the potential to house 11,397,057 square feet of industrial distribution space, known as RidgePort Logistics Center. At the time, a 2 million square foot facility owned by Michelin and a 50,000 square foot transload cooler building owned by Puris were the only tenants on-site. Since the acquisition, the firm has purchased additional land, made significant infrastructure advancements, and collaborated with local partners and government entities to expand the future Park to 30+ million square feet. To date, 6.3 million square feet of multi-tenant and build-to-suit space exists and is occupied by companies such as Post, Lineage, Batory Foods, and another Fortune 500 company.
The master plan includes up to 2,500 acres and today houses a full-service TA Petro Travel Plaza, 40 acres of natural ponds, and up to 140 acres planned for commercial development. Current projects underway include an on-site first responders' station, slated for completion in Q4 2019, interconnectivity via planned pedestrian walking paths, and an on-site helipad. ELP 55 features two miles of frontage along the BNSF’s Transcontinental Mainline with up to 12 million square feet of potential rail service, and three miles of I-55 frontage with a complete interchange.
In addition to an approximately $2.5 billion in projected economic growth to the region and potential 12,655 additional local jobs to residents, the Park serves a critical need for companies requiring intermodal access. It also offers closer proximity to these companies' consumers due to e-commerce-driven demand for quicker delivery. ELP 55 is strategically located in a regional distribution hub that reaches 27% of the U.S. population within a one-day drive and serves as a solution for “first mile” logistics within the Midwest, allowing delivery to consumers faster.
“ELP 55’s goal is to develop a mixed-use logistics park that aligns with the values of the local community, as the logistics industry continues to change. We recognize the ever-increasing demands of consumers and are proud to continue development of one of the most expedient "first-mile" logistics centers in the country,” said Shlomo Khoudari, Co-Founder and Managing Partner at Elion Partners.
The Park also plans to offer enhanced amenities for the under-served trucker and warehouse workforce. Planned facilities include showers, laundry, vehicle service, business services, restaurants and entertainment. In addition to supporting a healthier trucker and warehouse workforce, Elion Logistics Park 55 intends to enhance its focus on environmentally responsible facilities, with 40 acres of natural ponds as part of its focus on improving water quality and preserving the habitats of local wildlife.
Khoudari continued: “Elion is committed to promoting a more positive lifestyle for the transportation and warehouse workforce by providing solutions such as access to healthy food and exercise as they carry out essential and time-sensitive jobs. We are also thrilled to continue the real estate sector's efforts to lessen its environmental impact, as climate change continues to be one of the most pressing issues of our generation."
About Elion Partners
Elion Partners is a vertically integrated real estate investment firm with institutional-grade capabilities. Elion serves as both a fiduciary and an operator of real estate assets, managing over $1.5 billion through several investment vehicles. We serve as stewards of our clients’ capital with a focus on preservation for the long-term. Elion’s principals invest significant capital in each fund to ensure the utmost alignment of interests with our LPs.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190611005517/en/
CONTACT: Arielle Patrick
KEYWORD: UNITED STATES NORTH AMERICA ILLINOIS
INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING FINANCE CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE
SOURCE: Elion Partners
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PUB: 06/11/2019 09:00 AM/DISC: 06/11/2019 09:01 AM