ProLogis Buys Industrial Building for $25M

ROMEOVILLE, IL-ProLogis, headquartered in Denver, is buying a 650,000-sf industrial building at 860 Crossroads Pkwy. The sales price is nearly $25.4 million, sources say. The seller was Duke Realty, headquartered in Indianapolis.

The distribution center was recently constructed and is still vacant, says Doug Kiersey, SVP and Midwest regional director for ProLogis. “It was just finished right at the end of the year,” he says. The facility has four drive-in doors and 76 exterior docks, which are expandable to 152 docks. “The building is constructed so it would be flexible enough to accommodate four customers,” Kiersey says, adding that it will likely have one to two tenants. The facility will be marketed to consumer products companies, third-party logistics providers and manufacturers with large distribution needs. The asking lease rate is $3.50 per sf.

ProLogis was interested in acquiring the facility to expand its portfolio in the I-55 corridor, Kiersey says. “We have a very significant presence, not only in Chicago, but also in the I-55 submarket. This builds on that platform,” he says.