Colliers International | Chicago’s Jeff Devine and Steve Disse represented Macquarie Real Estate in the sale of Interchange 55 Logistics Park, a 1,341,860-square-foot development in Romeoville, Illinois. The $98 million sale to Prologis represents the investor’s largest acquisition since the COVID-19 pandemic began.
“Although there have been significant challenges presented by the global pandemic, the capital markets have quickly concluded that well-located, modern industrial product will be a good long-term investment,” said Devine. “As one of the best operators in the industrial sector, Prologis is confident that they will be able to lease the remaining space in the near future.”
Interchange 55 Logistics Park is a two-building, Class A spec development located at the junction of Interstates 55 and 355. Completed in late 2019, the project was 30 percent occupied at closing. Building A is 657,540 square feet with 257,140 square feet remaining available; Building B is 684,320 square feet and was sold in shell condition. Both buildings feature 36-foot ceiling heights, cross dock configuration and abundant parking for cars and trailers.
The park boasts an ideal I-55 submarket location with immediate highway access via two interchanges and access to both I-55 and I-355 minutes away. This strategic location is at the eastern end of the I-55 corridor industrial submarket, only 25 miles from downtown Chicago and 10 miles from the Joliet Intermodal.