Logistics Property Company, LLC (LogiPropCo) has closed on a 716,318-square-foot institutional-quality building in Romeoville, Illinois. Situated on 34.4 acres in Chicago’s I-55 corridor, the fully leased property features cross-dock loading, 30-foot clear height, and significant auto and trailer parking.
1401 Normantown Road is the company’s first acquisition within its recently announced value-add industrial real estate venture, which targets existing properties in several key markets. The company’s acquisitions team, led by Mark Crawford and Joel Wicks, is focused on properties in infill and bulk locations with opportunities for rehabilitation, redevelopment, covered land, mark-to-market lease-up, and vacant lease-up.
Crawford, Senior Vice President, Acquisitions, worked with Colliers’ Jeff Devine, Steve Disse, and Tyler Ziebel, who represented the seller, on the transaction.
“The Chicago industrial market has performed well over the last few years, and we have seen an increase in demand in the I-55 and I-80 corridors,” said Crawford. “This property is in an excellent location, and we anticipate demand for industrial space in this sub-market will remain strong.”
This acquisition is the latest addition to LogiPropCo’s growing Midwest portfolio, which includes nearly eight million square feet of industrial space owned and under development. It follows three development properties closed in the Chicago market over the last 12 months: 424 Howard Avenue in Des Plaines, 390 O’Hare Logistics Park in Schaumburg, and 2349 West Lake Street in Addison.
About Logistics Property Company
Logistics Property Company, LLC is a vertically integrated real estate operating company and investment manager focused on the acquisition, development, and management of modern logistics properties in key U.S. markets. The company executes a disciplined investment strategy, ensuring optimal outcomes for its investors, employees, communities, and the environment. Headquartered in Chicago, Logistics Property Company owns or has under development approximately 30 million square feet of logistics facilities across 14 markets. For more information, please visit logisticspropco.com.
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