Molto Properties is nearing completion on a 226,090-square-foot speculative industrial facility located in Windham Lakes Southwest Business Park, 1881 Normantown Road in Romeoville, Illinois. This marks the developer’s third project in the last 12 months within Chicago’s I-55 industrial corridor.
Situated on 13.9 acres, 1881 Normantown Road features 32′ clear ceiling height, 35 exterior docks (expandable to 51), 39 trailer parking spaces, ESFR sprinklers, and low Will County real estate taxes.
Jim Estus, principal with Colliers International’s Chicago-based Industrial Advisory Group, was named the exclusive agent of the building. Estus, along with Molto executives Michael Powers and Tony Cincinelli, have achieved significant preleasing success over the past 12 months at the firm’s two other I-55 Corridor speculative projects, as outlined below:
- Construction is nearly complete on a 116,000-square-foot building at 1055 Remington Boulevard in Bolingbrook. In December, Impro Industries signed a 58,800-square-foot lease at the property and will be relocating from 375 South W Frontage Road in Bolingbrook where it had occupied 31,000 square feet. From a lease signing earlier in the year, Baldor Motor is set to take occupancy of a 57,200-square-foot space at the property. 1055 Remington is being built by general contractor Krusinski Construction Company on a nine-acre land site and features 30′ clear ceiling heights and close proximity to I-55 via Weber Road.
- In September of 2014, HellermannTyton leased the full 189,662-square-foot property at 1485 Normantown Road in Romeoville’s Windham Lakes Southwest Business Park prior to the building’s completion. HellermannTyton took occupancy of the facility in February 2015. Located on a 10.7-acre land site, that building features 4,741 square feet of office, 32′ clear ceiling height, and ESFR sprinklers.
According to Colliers International’s third quarter 2015 industrial market report, leasing volume in the I-55 Corridor increased to 1.5 million square feet in the third quarter, a 6.9 percent increase from the 1.4 million square feet of lease transactions completed in the second quarter. Large users drove tenant demand, as four transactions over 200,000 square feet were signed in the third quarter, accounting for 1.3 million square feet of the overall leasing volume. Vacancy in the submarket currently resides at 10.49 percent.