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Developer Closing on Land for 1M SF Buildings

TINLEY PARK, IL-First Industrial Realty Trust is expected to close Wednesday on buying 92 acres with plans to construct one million sf of industrial space.

By Gina Kenny | Updated on February 19, 2007

(To read more on the industrial market, click here.)

TINLEY PARK, IL-First Industrial Realty Trust Inc., headquartered in Chicago, is expected to close Wednesday on the purchase of 92.8 acres on Prosperi Drive near Interstate 80 and Oak Park Avenue. The site will be developed into the Tinley Park Corporate Center and will have two speculative industrial buildings. The owner of the property and the amount of the sale were not disclosed.

Plans for the property include two buildings with a total of 1.2 million sf of warehouse, office and distribution space. Construction is expected to begin this summer with occupancy next spring, says Christopher McGrath, vice president of development for the company. An estimate of the cost of the project was not disclosed.

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