Logistics Property Plans 1.3 MSF Chicago-Area Project
The developer acquired 74 acres near North America’s largest inland port.
Logistics Property Co. has acquired a 74-acre development site in Joliet, Ill., and plans to build a nearly 1.3 million-square-foot industrial facility. Construction at 23960 S. Houbolt Road is scheduled to begin next spring, with delivery expected in 2028.
Cushman & Wakefield arranged the transaction and will also take care of leasing efforts. Partners on the project include Architects Plus Design serves as project architect, while Jacob & Hefner Associates is the civil engineer.
The facility will rise on a speculative basis, while also being available as a build-to-suit. Plans call for a cross-dock facility with 40-foot clear heights, 229 dock doors, four drive-in doors, 460 car parking spaces and 334 trailer spaces.
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The site is near BNSF’s Logistics Park Chicago Intermodal and Union Pacific’s Global 4 Intermodal Terminal, which together form North America’s largest inland port. The location also provides easy access to interstates 55 and 80.
Cushman & Wakefield’s Managing Director Ryan Klink worked with Logistics Property Co.’s Associate Market Leader Ben Fish and Senior Vice President Vince Pergande on the acquisition. Klink, Executive Vice Chair Jason West and Vice Chair Sean Henrick will handle leasing at the development.
LogiPropCo’s growing industrial footprint
The transaction marks Logistics Property Co.’s fourth Chicago-area development site acquisition within the past year. The company previously secured properties at 424 Howard Ave. in Des Plaines, Ill., 390 O’Hare Logistics Park in Schaumburg, Ill., and 2349 W. Lake St. in Addison, Ill. Last month, the firm also acquired a 76-acre land in Buckeye, Ariz., for the development of a 1.2 million-square-foot campus.
The Joliet project brings Logistics Property Co.’s Midwest portfolio to approximately 6.7 million square feet owned or under development. Across its broader U.S. platform, the Chicago-based firm owns or has under development roughly 30 million square feet of industrial properties across 14 markets.
Suburban pipeline fuels industrial growth
Chicago’s industrial construction pipeline totaled 17.1 million square feet as of August. The metro ranked among the 10 largest U.S. markets for development and had about 1.5 percent of existing stock under construction. Most of the space underway was concentrated in suburban areas.
Joliet continues to attract large-scale industrial development along the Interstate 80 corridor. Last week, Prologis and Gaming and Leisure Properties formed a joint venture to redevelop the former Hollywood Casino Joliet site into a five-building logistics park totaling more than 3.8 million square feet, subject to city approval.
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