Ketone Partners sold a 35.65-acre site to First Industrial Realty Trust at the corner of Route 6 and Houbolt Road in Joliet, Illinois, accordingto NAI Hiffman.
NAI Hiffman’s Eric Tresslar and Steve Connolly represented Ketone and First industrial in the transaction. Plans for the site include a 355,199-square-foot speculative, industrial building. The land is located in an industrial logistics center.
In March, Ketone purchased the overall 262-acre property from a California-based pension fund advisor. The site was mined for sand and gravel in the 1930s and left in a condition that made development challenging. Ketone saw an opportunity to re-evaluate the proposed use of the site and generated a plan.
“Our Joliet project is a great example of how months of hard work and creative thinking can transform a challenging piece of land into a successful real estate development,” Kyle Schuhmacher, president of Ketone Partners, said in a statement. “We assembled a great team of engineers and subcontractors that helped turn the site challenges into opportunities.”
After this recent sale, and the sale of 75 acres to The Opus Group in March of this year, Ketone retains 151 acres for future development. The remaining acreage will include a 40-acre port and marine terminal on the Des Plaines River, additional land for industrial development and may facilitate a travel plaza adjacent to the planned bridge connecting I-80 to the Centerpoint Intermodal Center.