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ROSEMONT, IL-Metropolitan Life Insurance Co. of New York has teamed with McShane Corp., headquartered in suburban Rosemont, to form a joint venture that will focus on industrial development. The alliance, initially capitalized at $50 million, will target industrial development projects from about 100,000 sf to 300,000 sf, including spec facilities, build-to-suits for lease or turnkey developments.

The joint venture’s first project got under way recently in Bolingbrook, IL, southwest of Chicago, with the acquisition of 43 acres for the development of the Bolingbrook Point Corporate Center, reportedly for a purchase price of less than $3.7 million. Plans for Bolingbrook Point call for 800,000 sf of warehouse and distribution space in three buildings. Insignia/ESG has been retained to market the project, which will be built by McShane and designed by Dobrin + Associates.

According to McShane president Hunter Barrier, “McShane’s objective in this joint venture is to secure the commitment of an institutional capital source to for the firm’s industrial development business on a programmatic basis.”

“Our alliance with McShane will allow us an entrée into industrial development in numerous national markets,” noted Robert Merck, managing director of real estate investments for MetLife, adding that the move is a part of the insurance giant’s efforts to diversify its real estate portfolio.

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