(Read more on the industrial market.)

ROMEOVILLE, IL-Pizzuti Cos., based in Columbus, OH, is switching partners for the last 220 acres of its 800-acre Pinnacle Business Center. Capmark Investments LP, based in Philadelphia, and Pizzuti plan to develop more than 3.5 million sf of space with a value of more than $250 million. Nationwide Realty Investors had been the development partner with Pizzuti for the development of nearly six million 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 a 648,000-sf speculative distribution facility with construction expected 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 the speculative building is approximately $30 million, he says. The asking lease rate for the building will be $3.75 per sf net.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.