COLUMBUS, Ohio, Nov. 7 /PRNewswire/ -- Today Columbus-based real estate developer The Pizzuti Companies announced that they have broken ground on a new 650,000-square-foot speculative building called Pinnacle XXIII in the successful 800-acre Pinnacle Business Center, a master-planned industrial park located on the last remaining large tract of undeveloped land in the highly active I-55 Corridor submarket of Chicago.
"Excellent access, great labor demographics, and high quality buildings," said Michael A. Chivini, Pizzuti senior vice president, of the I-55 Corridor just southwest of downtown Chicago. "I-55 has been the most active submarket in the entire 1 billion-square-foot Chicago market for years now. Sophisticated distribution and warehouse companies go to great lengths to evaluate locations; time after time the I-55 corridor is far and away the best decision.
"We see continued high demand, especially with users that require 200,000- 500,000 square feet. These users value location, and the ability to expand as their business grows which are the main advantages of our 800-acre Pinnacle Business Center. We have a substantial amount of land left for new development, which will accommodate another 4 million square feet, with ample car and trailer parking," Chivini continued.
Development of Pinnacle XXIII, a modern cross-dock configured distribution facility with 30-foot clear ceiling heights slated for completion in May 2008, still leaves Pinnacle Business Center with approximately 200 undeveloped acres in the industrial park.
"When we made a large capital investment early on, we didn't know we'd have the last remaining sizable piece of property in the area," said Chivini. "But we knew that the I-55 Corridor was a good submarket in which to invest."
Pizzuti purchased outright the initial 800 acres that comprise the Pinnacle Business Center in 2000.
"We took a substantial risk buying so much acreage at a time when most of our competitors were purchasing parcels of 100 acres or so," Chivini said. "But our confidence in the area wasn't misplaced: Chicago's I-55, northern New Jersey and southern California are perhaps the top three distribution locations in the United States."
About The Pizzuti Companies (www.pizzuti.com)
The Pizzuti Companies are a team of professionals whose primary goal is to provide the most profitable and the absolute best real estate and development solutions for their clients. With operations in Columbus, Chicago, Indianapolis, Jacksonville and Orlando, Pizzuti has developed more than 35 million square feet of Class A office, retail, residential and institutional- quality industrial development facilities throughout the Midwest and Southeast regions of the United States. Pizzuti has completed Build-to-Suit projects in Florida, Illinois, Indiana, Kentucky, Nebraska, Ohio, Oklahoma, Pennsylvania, South Carolina and Texas in addition to speculative construction projects in each of their major markets where Pizzuti has extensive land holdings.