August 11, 2020
Colliers International | Chicago’s Jeff Devine and Steve Disse represented Macquarie Real Estate in the sale of Interchange 55 Logistics Park, a 1,341,860-square-foot development in Romeoville, IL. The $98-million sale to Prologis represents the industrial REIT’s largest acquisition since the COVID-19 pandemic began.
“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,” said 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.”
Interchange 55 Logistics Park is a two-building, speculative development at the junction of Interstates 55 and 355. Completed in late 2019, the project was 30% occupied at closing. Building A is 657,540 square feet, with 257,140 square feet remaining available. The 684,320-square-foot Building B was sold in shell condition.
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