The property is just up the road from the BNSF Logistics Parkand CenterPoint's existing industrial park in Elwood. Stepanalready has a production facility in the area, and wanted to keepthe facilities close to each other, say Dan Leahy with NAI Hiffman.He represented the developer in the deal. "Stepan's facility willbe finished by the end of the summer," Leahy tells GlobeSt.com.
Leahy wouldn't comment on the development cost or the leaseprice. However, he said the average lease rate in the area isbetween $3 and $3.50 per square foot. "We've had a lot ofindustrial activity in the area, and interest is high to build newproduct in the Joliet area."
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