North American Hyundai Subsidiary Signs 1.4MSF Industrial Lease in Illinois
Hyundai Translead, a subsidiary of Hyundai Motor Company, recently signed a long-term lease agreement for nearly 1.4 million square feet of industrial space in Joliet, Ill., at the former site of Caterpillar’s heavy equipment operations.
The property is one of two shuttered manufacturing locations in Will County that Hyundai Translead — the largest maker of semi trailers in North America — is bringing back to life. The other site is the previous Lion Electric operation site.
“We are proud to welcome Hyundai Translead to Illinois as a new manufacturer in our state,” Illinois Governor, J.B. Pritzker, remarked. “This investment represents a long-term commitment that will create 2,500 new jobs and opportunities for working families in Will County and beyond. Illinois will keep attracting major industries and job creators that are transformational for our economy and the communities and hardworking Illinoisans who power them.”
Hyundai’s new Illinois facilities will expand its manufacturing footprint to better serve its customers with industry-leading commercial transportation products. Headquartered in South Korea, the North American subsidiary manufactures transportation equipment, including dry and refrigerated van trailers; flatbeds; truck bodies; and dollies.
“Our expansion to Illinois represents years of planning and a shared vision for long-term growth,” said Sean Kenney, chief executive officer of Hyundai Translead. “This investment reflects our confidence and commitment to building products, workforce development, and partnerships that endure.”
The Joliet transaction was managed by Onno Steger, senior vice president of Industrial Realty Group, LLC (IRG). Jerry Sullivan and Ed Wabick of Darwin PW Realty represented the landlord, while Shamus Conneely of John Greene Commercial worked on behalf of the tenant.
“We are proud to partner with Hyundai Translead on this transformative project,” said Justin Lichter, chief investment officer of IRG. “This lease represents the beginning of a new chapter for the facility, county, and state. It reinforces IRG’s commitment to revitalizing complex industrial assets into modern, high-impact economic drivers.”