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| Sears Logistic Services |
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The Challenge |
After several false starts in 1998, CB Richard Ellis launched an earnest effort during the summer of 1999 to find a half-million square foot distribution center for Sears' large appliances. Numerous sites were investigated throughout the state of Illinois as well as most of western Indiana. As the search continued, time became just as critical as location, since occupancy was required for the summer of 2000. |
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The Solution |
| Of the countless existing buildings that Sears toured, most did not satisfy their requirements. Therefore, the only remaining course of action was to explore the economic feasibility of a build-to-suit. Hence, CB Richard Ellis initiated serious discussions with Duke-Weeks, a prominent southwest suburban developer. Duke had a site with preliminary plans approved and was willing to incur some of the project's initial risk, and subsequently began site work during the fall of 1999. Even though the final deal structure had not been finalized at the project's inception, Duke and CB Richard Ellis continued to carry out preliminary plans until a final lease agreement was completed in February of 2000. Just before the lease signing, Sears asked CB Richard Ellis to conduct another comprehensive survey of properties closer to an existing Sears facility in Manteno, Illinois. Again, the survey included all properties from the southern suburbs of Chicago to central Illinois. Ultimately, the building was delivered on time in August of 2000. |
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