Colliers International Chicago’s Jeff Devine and Steve Disse represented Clarion Partners, LLC in the sale of Laraway Distribution Center, a 736,780-square-foot core distribution facility located in Joliet, Illinois. Exeter Property Group acquired the property at an undisclosed price.
The Laraway Distribution Center is a fully leased, Class A warehouse facility located at 1151 E. Laraway Road in Joliet. Situated on over 34 acres and built in 2008, the facility is a well performing distribution center located approximately three miles from the UP Joliet Intermodal terminal and eight miles from the BNSF Intermodal—making it a prime location for logistics companies. The building was 100 percent leased to three tenants at the time of sale.
“As intermodal transport of goods continues to surge, this was a great offering of a Class A distribution facility located in one of the most critical segments of the U.S supply chain network,” said Devine, a principal with Colliers | Chicago. “The submarket is the premier e-commerce and supply chain hub for many Fortune 500 companies—a couple of which are in the building. New ownership will benefit from having a fully-leased building to long-term, stable tenants.”
The I-80 industrial submarket is Chicago’s third largest (by square feet) submarket. The vacancy rate dropped further during the fourth quarter of 2020 to 5.39 percent, the lowest rate recorded in the submarket since 2017 and nearly 4 percent below the 9.37 percent vacancy rate recorded at the end of 2019.