Hillwood Investment Properties has acquired 49 acres of land at Laraway Crossings Business Park in the I-80 submarket of Chicago in Joliet, Illinois. This marks Hillwood’s second land acquisition in the Chicago industrial market in the past 45 days.
Hillwood plans to build a Class A distribution center totaling 746,772 square feet, which will be expandable to over 1 million square feet. The project’s groundbreaking is scheduled for August with completion expected midyear 2016.
Don Schoenheider, Hillwood Investment Properties Senior Vice President and Midwest Region Market Leader, said the Laraway Crossings acquisition provides them with an excellent opportunity to locate among prominent corporate neighbors such as IKEA, Amazon, Acer, Inc. and Dollar Tree.
“The development will be the only 700,000-square-foot industrial Class A warehouse currently available in the I-80 / Joliet market, and we look forward to attracting new tenants and contributing to the growth in the region,” he said.
The building will offer modern amenities such as average 36′ clear height, 76 exterior docks, 72 trailer parking stalls, 154 car parking spaces, and ample column spacing of 56′ by 49′ with availability to expand.
Stephen Connolly, SIOR and Eric Tresslar of NAI Hiffman brokered the deal on behalf of the seller, Ryan Companies. Jason West, SIOR and Sean Henrick of Cushman and Wakefield represented Hillwood and will also be the listing agents for the development.
