Logistics Property Company Acquires $58M Romeoville Property

Logistics Property Company, LLC has closed on a 716,318-square-foot 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.”