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ROMEOVILLE, IL-Pizzuti Cos., based in Columbus, OH, is switching partners for the last 220 acres of its 800-acre Pinnacle Business Center. Capmark Investments LP, based in Philadelphia, and Pizzuti plan to develop more than 3.5 million sf of space with a value of more than $250 million. Nationwide Realty Investors had been the development partner with Pizzuti for the development of nearly six million sf of industrial space on 580 acres, says Joel Pizzuti, president and chief operations officer with Pizzuti.

The joint venture has already started construction on a 648,000-sf speculative distribution facility with construction expected to be completed in the fourth quarter of this year, Pizzuti says. The building could have multiple tenants but "ideally, we would like to see one user," he says. The cost for the speculative building is approximately $30 million, he says. The asking lease rate for the building will be $3.75 per sf net.

Pizzuti and Capmark plan on constructing seven additional buildings. It has not been decided yet if the buildings will be speculative or build-to-suit facilities, he says. The joint venture will also be completing about $5 million in infrastructure improvements, such as work on roads and detention ponds. Pizzuti estimates it will take between three and four years to complete the business park. The park, when completed, will have a value of about $550 million, he tells GlobeSt.com.