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First Industrial Buys 280 Acres for New Park

JOLIET, IL-The Chicago-based REIT is planning a 3.2-million-sf industrial park, First Park Joliet, at the intersection of Empress Road and Route 6.

By Gina Kenny | Updated on June 12, 2008

JOLIET, IL-First Industrial Realty Trust, headquartered in Chicago, has acquired 280 acres at Route 6 and Empress Road here. The vacant land was sold by Las Vegas-based JBBRE Holdings. The sales price for the land was $11 million, sources say. First Industrial plans to construct an industrial park on the land.

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.

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