Cullinan Properties has announced the acquisition of an approximately 264-acre site located at the northeast intersection of I-55 and I-80 in Joliet, Illinois.
The property, which has excellent highway visibility with over 167,000 A.P.D., was purchased from O & S Holdings, LLC who acquired the property in 2008, and originally entered into an agreement to develop a project known as Bridge Street Town Center.
However, given the change of landscape with the retail environment, the project stalled and with the sale of the property, O & S Holdings has terminated the original development agreement.
“Our vision for this site is to start with a clean slate, while evaluating what is best for the City of Joliet, and the market reaction to a variety of uses.” Christopher M. West, Partner/COO of Cullinan, said. “We are very excited to acquire this property with such tremendous visibility and also being strategically located at the hub of I-55 and I-80, especially with our regional office in such close proximity to the site which makes it an ideal location for us to develop.”
The property is located in one of the fastest growing counties in the state of Illinois with strong demographics, which makes the site and its strategic location ideal for a variety of potential uses.
