Logistics Property Company, LLC closed on a 716,318-square-foot institutional-quality building in Romeoville, Illinois.
Situated on 34.4 acres in Chicago’s I-55 corridor, the fully leased property features cross-dock loading, 30-foot clear height, and significant auto and trailer parking.
1401 Normantown Road is the company’s first acquisition within its recently announced value-add industrial real estate venture, which targets existing properties in several key markets. The company’s acquisitions team, led by Mark Crawford and Joel Wicks, is focused on properties in infill and bulk locations with opportunities for rehabilitation, redevelopment, covered land, mark-to-market lease-up, and vacant lease-up.
Crawford, Senior Vice President, Acquisitions, worked with Colliers’ Jeff Devine, Steve Disse, and Tyler Ziebel, who represented the seller, on the transaction.
This acquisition is the latest addition to LogiPropCo’s growing Midwest portfolio, which includes nearly eight million square feet of industrial space owned and under development. It follows three development properties closed in the Chicago market over the last 12 months: 424 Howard Avenue in Des Plaines, 390 O’Hare Logistics Park in Schaumburg, and 2349 West Lake Street in Addison.
