Cost of the project and lease terms were not disclosed by the Chicago market's largest industrial property owner. However, based on costs of projects further up the I-55 Corridor, a reasonable estimate would be in the vicinity of $13 million.
Potlatch distributes tissue products to grocers and retailers such as Jewel, Dominick's, SuperValu, Topco, Giant Eagle, Hy-Vee, Fresh Brands, Eagle Food Centers, Schnuck's Markets, Associated Wholesale Grocers, Spartan and Marsh's.
Being built on the site the former Joliet Arsenal, CenterPoint Intermodal Center will offer a link to the Burlington Northern Santa Fe Railroad's intermodal facility, scheduled for completion later this summer. In addition, the location is near the crossroads of Interstates 55 and 80. The REIT has invested more than $100 million so far in land and infrastructure in the development that can support more than 15 million sf of industrial space.
"The cost savings associated with the transportation options at CIC continue to drive growth at the park," says CenterPoint Properties senior vice president Sean Maher in a statement. "As significant growth in intermodal shipping continues, we anticipate increasing interest from all types of transportation-intensive companies."
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