Industrial Realty Group, LLC, one of the country’s largest owners of commercial and industrial properties, announced today that it has acquired a 1.47 million square-foot industrial site in Rockdale, Illinois, just outside of the Chicago suburb of Joliet.
The 69-acre property includes several buildings along the Des Plaines River. The largest building is 1.3 million square feet with 65,384 square feet of office space. The site was the former home of Caterpillar’s hydraulic manufacturing operations.
IRG will begin renovations and marketing immediately and is already in discussions with a number of potential tenants.
This transaction comes a month after IRG announced that the company (IRG Industrial, LLC) had received its inaugural, investment-grade credit rating and issued $335 Million of USPP bonds, providing new capital to recapitalize assets and expand its industrial holdings in major U.S. markets.