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