Prologis Purchases $98M Illinois Logistics Park
Completed in late 2019, the two building, class A, Interchange 55 Logistics Park was sold by Macquarie Real Estate.
ROMEOVILLE, IL – Prologis has acquired the 1.3 million-square-foot industrial development, Interchange 55 Logistics Park in Romeoville, IL for $98 million from Macquarie Real Estate.
The transaction represents Prologis’ largest acquisition since the onset of the COVID-19 pandemic.
The two building, class A, spec development comprises the 657,540-square-foot, building A and the 684,320-square-foot, building B. Each property features 36-foot ceiling heights, cross dock configuration and ample parking space.
The properties were completed in late 2019 and sold at 30% occupancy. Building A currently offers 257,140 square feet of remaining available space. Building B was sold in shell condition.
Located at the junction of Interstate 55 and Interstate 355 and situated 25 miles from downtown Chicago, Interchange 55 Logistics Park offers immediate highway access.
Jeff Devine and Steve Disse of Colliers International’s Chicago office represented Macquarie Real Estate in the sale.
“Although there have been significant challenges presented by the global pandemic, the capital markets have quickly concluded that well located modern industrial product will be a good long-term investment,” states Devine. “As one of the best operators in the industrial sector, Prologis is confident that they will be able to lease the remaining space in the near future.”
