The property is located in the Interstate 55 Corridor, where occupancy rates are near 87% and asking lease rates range from $4 to $6 per square foot net, according to Cushman & Wakefield's recent industrial market report.

"The Interstate 55 submarket is the premiere bulk distribution corridor in metropolitan Chicago based on convenient access to local and national highways, proximity to several rail intermodal yards and plentiful stock of class A distribution facilities," Kiersey tells GlobeSt.com. "Leasing activity has held up relatively well despite the economic slowdown. Land constraints have tempered new development in the Interstate 55 submarket, which should allow this submarket to rebound faster than others in Chicago."

ProLogis owns and operates five other distribution buildings in Park 55, which total more than 3.1 million square feet. The park, located along Interstate 55 between Weber Road and Route 53, is about 86% occupied overall. More than 436,000 square feet remains available for lease, and Kiersey says the firm is in currently in discussions with both existing ProLogis customers as well as new ones interested in the space.

This is the seventh lease between ProLogis and Sanyo. The company, which is the business unit of Sanyo Electric Co. Ltd., now occupies around two million square feet in ProLogis distribution facilities in Chicago, southern California and numerous locations across Japan.