Principals Gerald Sullivan and Edward Wabick and SVP J. Louis DeSanto, all with Paine/Wetzel•Oncor International, represented both First Industrial and JBBRE Holdings in the sales transaction. First Industrial was interested in the property because of its proximity to Chicago, which "is the largest inland port in the nation," says Marty Edmondson, regional development officer for First Industrial. "This location, which we are calling First Park Joliet, is just very strategically located to serve our customers for efficient access to multiple modes of transportation," he says. The land is near the Houbolt Road interchange for Interstate 80 and is also near Interstate 55 and Interstate 355. "We feel it is a fantastic location. It is kind of right in the middle of everything," Edmondson tells GlobeSt.com.

First Park Joliet is expected to have a total of 3.2-million sf when completely built out, Edmondson says. "This year, we are planning to do all the horizontal improvements," he says. Site work has already begun on the land, which is already zoned industrial and had been previously annexed into the city of Joliet, he says. Infrastructure work, including utilities and constructing roads to access all of the different parcels, is planned to commence by Aug. 1, Edmondson says. These activities should be complete by this fall. "At his time, we are not planning speculative facilities, but the land is available for build to suit for sale or lease," Edmondson says.