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ROMEOVILLE, IL-Pizzuti Cos., based in Columbus, OH, is switchingpartners for the last 220 acres of its 800-acre Pinnacle BusinessCenter. Capmark Investments LP, based in Philadelphia, and Pizzutiplan to develop more than 3.5 million sf of space with a value ofmore than $250 million. Nationwide Realty Investors had been thedevelopment partner with Pizzuti for the development of nearly sixmillion sf of industrial space on 580 acres, says Joel Pizzuti,president and chief operations officer with Pizzuti.

The joint venture has already started construction on a648,000-sf speculative distribution facility with constructionexpected to be completed in the fourth quarter of this year,Pizzuti says. The building could have multiple tenants but"ideally, we would like to see one user," he says. The cost for thespeculative building is approximately $30 million, he says. Theasking lease rate for the building will be $3.75 per sf net.