CBRE to Market 306,645 Square Foot Industrial Infill Redevelopment

CBRE will bring to market a new 306,645 sq. ft. industrial building in Waukegan, IL. The Visual Pak Companies, a privately owned group of interdependent contract packaging service companies, announced plans to demolish their unique historic warehouse facility and construct a modern, 306,645 sq. ft. industrial building in its place.

CBRE’s Whit Heitman and Sam Badger will market the space on behalf of The Visual Pak Companies.

The existing facility, located at 1210 S Waukegan Road within the Bridge Point North campus, was built in 1983 and currently serves as one of the company’s packaging and fulfillment centers.

“Tearing down our existing facility and replacing it with a new building is the right decision” says Clayton Bolke, The Visual Pak Companies current CEO and Founder. “Constructing a modern Class A building in this space will reinvigorate this underutilized site.”

“We’ve continued to see a trend of flight to quality, and redeveloping this strategic infill site will allow it to maximize its potential, as second and third generation buildings don’t possess the efficient, modern features that users require,” said Heitman. “Vacancy rates are at historic lows and the Lake County industrial market has limited available land for new buildings.”

According to a recent CBRE report, the Lake County industrial submarket experienced 2,127,516 sq. ft. of positive net absorption in 2021 and has a vacancy rate of 4.4 percent.

The new cross-docked facility will feature 36’ clear height, 78 exterior docks, and ample parking. The site is a is situated on a prime location within the Lake County submarket, providing future tenants with direct access to I-94.

Demolition of the existing building is expected to take place within the next few weeks. Construction on the new warehouse is expected to be complete in June 2023.