John Deere plans $125 million warehouse near Chicago

Lina Portman2 days ago

0 1 minute read

The Central Steel and Wire plant is another recent Venture One development in the Chicago metropolitan area. This facility was commissioned in 2023. Image courtesy of Venture One Real Estate and Cushman & Wakefield

Venture One will build a 1.2 million square foot, purpose-built warehouse and distribution center for John Deere in Lowell, Indiana.

The Fortune 100 company purchased the 234-acre site from Hallmark Construction Co. for $7 million. Coldwell Banker Commercial Realty represented the seller.

Lake County Planning and Building Administrator Steve Nigro said the rezoning has been approved and the council is currently awaiting the site development plan, according to Northwest Indiana Weather.

John Deere plans to invest up to $125 million in the project, dubbed Tempo, the source said. The funds include $100 million for construction, $15 million for equipment and $10 million for miscellaneous expenses.

ALSO READ: It’s time for investors to step off the sidelines

Attorney James L. Wieser, who represented the developer, said the project is expected to expand by about 500,000 to 700,000 square feet. Tempo will generate about 1,200 union construction jobs and about 500 permanent positions will be available once the facility is complete.

Located at 2105 W. 181st Ave., the development site has direct frontage on Interstate 65 South and Indiana Route 2. Downtown Chicago is approximately 60 miles to the northwest.

Coldwell Banker real estate brokers Nancy Frigo and Nicholas Smith represented Hallmark Construction Co. in the transaction proceedings.

Chicago's Industrial Pipeline Expands

According to a recent report from CommercialEdge, Chicago ranked third nationally in industrial development in May, with 10.8 million square feet of space under construction. That figure represents 1.0% of the total inventory, nearly half the national figure of 1.9%.

Last month, Dermody Properties broke ground on a $140 million, 2.4 million-square-foot logistics park in Pleasant Prairie, Wisconsin. Completion is estimated for 2025.

Earlier this year, a joint venture of Avgeris and Associates, The Missner Group and Wylie Capital unveiled plans to redevelop a 459,927-square-foot property comprised of two buildings into an industrial campus measuring more than 1.1 million square feet.