Jones Lang LaSalle has completed the sale of the 575,024-square-foot Speedway Logistics Center in Joliet to the Oakbrook Terrace-based investment firm Molto Capital LLC. The seller was an institutional real estate investment group.
The building, which is located at 3451 S. Chicago Street (Route 53) about three miles south of I-80, is currently being leased on a short-term basis by Walmart.
Keith Stauber, Scott Duerkop, and Steve Ostrowski of Jones Lang LaSalle completed the sale as well as the lease to Walmart, which was represented in the transaction by CB Richard Ellis. Jones Lang LaSalle has been retained as leasing brokers and is actively marketing the property to prospective tenants.
Built in 2007 on a lushly landscaped 30-acre site, the facility features 136 trailer stalls, 65 exterior docks, four drive-in doors and energy efficient T-5 lighting fixtures with motion sensors. The property is located just five miles from the Burlington Northern-Santa Fe Intermodal Terminal in Elwood and only 12.5 miles from Union Pacific’s Joliet Intermodal Terminal, providing savings of 12 percent annually on transportation costs and 9 percent annually on transportation and real estate costs over other Chicago-area distribution locations, according to an independent reverse location selection study completed earlier this year.