WILMINGTON, Ill. (May 24, 2014) — Michelin North America Inc. has agreed to lease a 1.7 million-sq.-ft. warehouse southwest of Chicago to service dealers throughout the Midwest.
The development, at the RidgePort Logistics Center in Wilmington, will be the largest build-to-suit industrial warehouse in the Chicago area since 2006, according to local real estate records. RidgePort is a 2,500-acre industrial park under development near Interstate 55 in Wilmington, a town of about 5,000 inhabitants about 40 miles southwest of Chicago.
Michelin expects to put the distribution center into operation in 2015. A company spokesman declined to discuss terms of the lease.
The deal is the first major tenant at RidgePort, according to James Martell, president of Chicago-based Ridge Development Co. L.L.C.
“Having an anchor tenant like Michelin — their name and the size of the project and so forth — certainly bodes well” for further leasing, he said.
This story appeared on crainschicago.com, the website of Crain's Chicago Business, a sister publication of Tire Business.
How have tire prices been in the last few months?
|They've gone up 1-5%||
|They've increased 6-10%||
|They've stayed flat||
|They've gone down between 1 and 5%||
|They've gone down 6-10%||
|They've dropped more than 10%||