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ROMEOVILLE, IL-A 658,060-sf distribution center is under construction in the Windham Lakes Business Park, and expected to be completed by the middle of next year. Although cost of the project or asking sales price is not being disclosed, asking net lease rates are $3.95 per sf.

The building is a joint venture between Chicago-based ORIX Real Estate Equities, Inc. and RREEF, their second. The other joint venture is a 334,175-sf distribution center in the Meadowlands area of northern New Jersey.

The 34-acre site at the main entrance to Windham Lakes Business Park is the first industrial site at the interchange at Weber Road and I-55.

“The I-55 corridor is one of the country’s hottest distribution markets,” says ORIX’s executive vice president of development Jonathan Malm. “There is excellent demand and leasing velocity for industrial space of this type and size.”

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