CenterPoint Properties has announced a build-to-suit lease for a distribution facility for TTX Company at 2400 CenterPoint Way in Joliet, Illinois. The lease at the 6,400-acre CenterPoint Intermodal Center – Joliet (CIC – Joliet) will put the freight car provider in position to better service the Class I railroads that own it.
The 90,480-square-foot facility sits on more than seven acres of land, two of which will be paved outdoor storage. The building will have nine exterior docks, one drive-in door and a 32-foot clear height that will allow TTX to store material centrally so that it can better serve itself at its field maintenance operation locations, and, in turn, provide the railroads with a well-maintained fleet of railcars.
“Co-locating near its owners was an obvious goal for TTX. The CenterPoint Intermodal Center – Joliet is the premier location in America for any company that needs to be adjacent to rail lines with heavy rail traffic, and wants to realize significant drayage cost savings,” said Brian McKiernan, CenterPoint senior vice president of development.
According to the Illinois Department of Transportation (IDOT), Chicago is the nation’s busiest rail freight gateway and the third-largest intermodal container/trailer port in the world. IDOT predicts Illinois’ freight volume will double by 2025, making CIC – Joliet even more attractive for companies that need close rail proximity.
“We were glad to find not only a great location for our unique needs but also a great partner to work with in CenterPoint that’s dedicated to creating state-of-the-art rail-proximate facilities,” said Marcello Palazzo, director of logistics and transportation at TTX.
TTX was founded in 1955 by the Pennsylvania Railroad. In 1974, it became a cooperative that, today, is owned by nine railroads, including all seven of the Class I railroads. TTX has some 170,000 rail and flat cars in its fleet, and it says it spends about $700 million a year in maintaining railcars.
TTX was represented by Dan Leahy of NAI Hiffman.