Heitman Cashes in $58M for Chicagoland Asset
The facility was part of the company’s portfolio for 18 years.
Heitman has sold the 716,318-square-foot facility at 1401-1465 W. Normantown Road in Romeoville, Ill., for $58 million, Yardi Matrix information shows. Logistics Property Co. acquired the Chicago-area asset for about $80.9 per square foot.
The buyer took out a $47.1 million permanent loan from Blackstone Group, according to the data provider. Previously, the asset traded back in January 2001, when Heitman acquired it from Panattoni Development for $36.9 million, less than $52 per square foot.
Completed in 2006, the Class A warehouse is within the Bolingbrook submarket and has direct access to Interstate 55. The building is about 7 miles from Lewis University Airport and 42 miles from Illinois International Port District, as well as less than 2 miles from Windham Lakes Southwest Business Park, an industrial facility that traded at the beginning of the year.
READ ALSO: Emerging Industrial Markets in the U.S.
Kimberly Clark fully leases the property. The warehouse has 78 dock-high loading doors with dock levelers and bumpers, four drive-in doors, 164 trailer parking spaces, 323 car spots and 60-foot speed bays. The facility also has 30-foot clear heights and more than 23,600 square feet of office space, along with 180-foot truck courts.
Chicago’s industrial sector attracts investors
Chicago’s industrial investment volume year-to-date as of August clocked in at $3.2 billion, leading the Midwest and ranking second nationally, a recent Yardi Matrix industrial report shows. Columbus and Indianapolis rounded out the top three and were the only markets to surpass the $1 billion threshold.
Chicago industrial assets traded for an average of $100 per square foot, below the levels recorded in both Columbus and Indianapolis and the $138 national average. In the first eight months of 2026, eight properties changed hands in Bolingbrook, with the average price per square foot clocking in at $126.
One of the largest deals in the submarket is Broofkield’s $37.4 million sale of the 299,520-square-foot 340 W. Crossroads Parkway. Neuco acquired the asset traded for $125 per square foot.
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