Panattoni Development Company‘s purchase of a 76.23-acre land parcel at Pinnacle Business Center, 1101 W. Airport Road in Romeoville, Illinois, has been completed.
The company plans to build a 787,200-square-foot speculative building on site–the second largest spec project in the past five years and the largest currently planned or under construction.
It will feature modern 36′ clear ceiling height, 70′ speed bays and plenty of room for auto and trailer. Construction will begin spring 2016 with completion set for fall 2016.
“The facility represents all the modern features that industrial users are seeking,” Jason Rosenberg, senior development manager at Panattoni, said. “We are excited about the opportunity to deliver a new spec building of this size to the I-55 market and are confident that it will be fully supported by the demand we are seeing in that key transportation hub,” he added.
Panattoni Development Company has completed 12 buildings in Romeoville totaling in excess of five million square feet but this will be its first development in Pinnacle Business Center.
Colliers International noted that a total of 29 speculative projects measuring more than 8.6 million square feet are currently underway in the metropolitan Chicago area industrial market.
REM Acquisitions LLC was the seller; James Estus, principal with Colliers International, and Jason West, executive director with Cushman & Wakefield, both involved in the transaction, will market the space for lease for Panattoni.
