Singapore-based Mapletree Investments has acquired a 29.4-acre website in Joliet, In poor health., the place it intends to develop a 418,800-square-foot logistics facility.
Mapletree indicated that the Class A constructing will observe LEED requirements and have 40-foot clear heights, 80 dock doorways, 100 trailer stalls and 172 automotive parking areas.
Google Maps appears to point that the handle, at 1035 W. Laraway Highway, is at the moment occupied by an industrial constructing of about 15,000 sq. toes at Zenith Power’s Joliet Terminal. The terminal handles such merchandise as crude oil and asphalts, by means of pipeline, rail or truck.
This acquisition is Mapletree’s second this yr in Chicago’s Joliet submarket. In Might, the corporate bought an 18.1-acre website at 3600 Houbolt Highway (previously generally known as 23551 Vetter Highway), the place it plans to construct a 276,000-square-foot warehouse.
Each properties are close to the I-80/I-55 interchange and supply direct connectivity to the Joliet Intermodal Heart, North America’s largest inland port and residential to each the Union Pacific and BNSF Joliet Intermodal Terminals.
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Vice Chairs Matthew Stauber and Steve Ostrowski of Colliers Worldwide represented the vendor and labored instantly with Mapletree to safe the transaction.
Mapletree at the moment owns and manages over 10 million sq. toes of commercial property within the Chicago metropolitan market.
In April, Mapletree obtained subdivision and website plan approval to construct a 149,100-square-foot logistics facility on an 8.2-acre parcel adjoining to its current 400,000-square-foot warehouse at 1350 Munger Highway in Chicago’s North DuPage submarket. Groundbreaking is deliberate for this fall.
Each shopping for and promoting
Farther afield, Mapletree earlier this month acquired a 37.6-acre website in Tobyhanna, Pa., adjoining to its current 1.3 million-square-foot industrial asset at 2086 Company Heart Drive West. Mapletree plans to develop a 420,262-square-foot logistics facility on the location, with supply due in fall 2026.
On the opposite aspect of the ledger, in July Mapletree offered a 2.4 million-square-foot industrial portfolio to EQT Actual Property for $241.2 million. The portfolio includes 10 bulk warehouse properties within the Solar Belt—Florida, Georgia and Texas.
The Chicagoland industrial area market is seeing extra leasing exercise, with 8.0 million sq. toes within the first quarter and 9.8 million within the second quarter, in accordance with JLL. In the meantime, speculative deliveries have been modest, at 1.1 million sq. toes within the second quarter, effectively under the build-to-suit quantity of two.5 million sq. toes.
