Logistics Property Co. buys $58M Romeoville warehouse for value-add venture

Logistics Property Company has closed on a 716,318-square-foot industrial building at 1401 Normantown Road in Romeoville, Illinois, for $58 million, Connect CRE reported on Oct. 15. The property sits on 34.4 acres in the I-55 corridor and is fully leased.

The price works out to about $81 per square foot. The building offers cross-dock loading, 30-foot clear height and significant auto and trailer parking, per the report.

It is the first acquisition for the company's recently announced value-add industrial venture, which targets existing properties in several key markets. Stated criteria include rehabilitation, redevelopment, covered land, mark-to-market lease-up and vacant lease-up, focused on infill and bulk locations. This publication reported in September that LogiPropCo's first acquisition-focused institutional vehicle put two regional sourcing heads at the center of the strategy.

The acquisitions team is led by Mark Crawford and Joel Wicks. Crawford, a senior vice president of acquisitions, worked the transaction alongside Colliers' Jeff Devine, Steve Disse and Tyler Ziebel, who represented the seller. “The Chicago industrial market has performed well over the last few years, and we have seen an increase in demand in the I-55 and I-80 corridors,” Crawford said.