Mapletree Investments has acquired a 29.36-acre site at 1035 W. Laraway Road in Joliet, Illinois, where it plans to develop a best-in-class logistics facility spanning 418,880 square feet.
The building will follow LEED standards and feature 40-foot clear heights, 80 dock doors, 100 trailer stalls and 172 car parking spaces. Matthew Stauber and Steve Ostrowski with Colliers International represented the seller and worked directly with Mapletree to secure the transaction.
This acquisition is Mapletree’s second this year in Chicago’s Joliet submarket. In May, the Singapore-based company purchased an 18.1-acre site at 3600 Houbolt Road with plans to build a 276,000-square-foot warehouse. Situated along the I-80 and I-55 interchange, both the Laraway Road and Houbolt Road sites provide direct connectivity to the Joliet Intermodal Center.
“Mapletree is optimistic about Chicago’s growth prospects,” said Richard Prokup, Chief Executive Officer, U.S., Mapletree. “That’s why we’re doubling down on industrial development in submarkets where we see long-term value – particularly in areas such as Joliet and Bartlett.”
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