Mapletree Plans Logistics Facility in Chicago Suburbs
The development marks the company’s second project in the Joliet submarket this year.
Singapore-based Mapletree Investments has acquired a 29.4-acre site in Joliet, Ill., where it intends to develop a 418,800-square-foot logistics facility.
Mapletree indicated that the Class A building will follow LEED standards and feature 40-foot clear heights, 80 dock doors, 100 trailer stalls and 172 car parking spaces.
Google Maps seems to indicate that the address, at 1035 W. Laraway Road, is currently occupied by an industrial building of about 15,000 square feet at Zenith Energy’s Joliet Terminal. The terminal handles such products as crude oil and asphalts, by way of pipeline, rail or truck.
This acquisition is Mapletree’s second this year in Chicago’s Joliet submarket. In May, the company purchased an 18.1-acre site at 3600 Houbolt Road (formerly known as 23551 Vetter Road), where it plans to build a 276,000-square-foot warehouse.
Both properties are near the I-80/I-55 interchange and provide direct connectivity to the Joliet Intermodal Center, North America’s largest inland port and home to both the Union Pacific and BNSF Joliet Intermodal Terminals.
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Vice Chairs Matthew Stauber and Steve Ostrowski of Colliers International represented the seller and worked directly with Mapletree to secure the transaction.
Mapletree currently owns and manages over 10 million square feet of industrial assets in the Chicago metropolitan market.
In April, Mapletree received subdivision and site plan approval to build a 149,100-square-foot logistics facility on an 8.2-acre parcel adjacent to its existing 400,000-square-foot warehouse at 1350 Munger Road in Chicago’s North DuPage submarket. Groundbreaking is planned for this fall.
Both buying and selling
Farther afield, Mapletree earlier this month acquired a 37.6-acre site in Tobyhanna, Pa., adjacent to its existing 1.3 million-square-foot industrial asset at 2086 Corporate Center Drive West. Mapletree plans to develop a 420,262-square-foot logistics facility on the site, with delivery due in fall 2026.
On the other side of the ledger, in July Mapletree sold a 2.4 million-square-foot industrial portfolio to EQT Real Estate for $241.2 million. The portfolio comprises 10 bulk warehouse properties in the Sun Belt—Florida, Georgia and Texas.
The Chicagoland industrial space market is seeing more leasing activity, with 8.0 million square feet in the first quarter and 9.8 million in the second quarter, according to JLL. Meanwhile, speculative deliveries have been modest, at 1.1 million square feet in the second quarter, well below the build-to-suit volume of 2.5 million square feet.
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