BELVIDERE, IL—The LandMark Group of Companies, a Rockford-based development and investment firm, has just completed the $51 million sale of over 1-million-square-feet of industrial space in the nearby town of Belvidere to a Boston-based investment company. The eight-building portfolio, developed by LandMark, consists of warehouse, distribution and light manufacturing facilities built between 1998 and 2012. John Folvig, a principal of the firm, says he was not surprised the group of properties attracted interest from out-of-town investors.

“If they came in and bought one building in the Rockford area, or buildings that were older, it might be unusual. In this case we're talking about very modern warehouses and distribution facilities with national credit tenants.” All of the buildings have 28' to 30' clear ceiling heights, ESFR sprinkler systems and other advanced features. They range in size from a 70,000-square-foot space to a 255,000-square-foot building at 857 Landmark Dr.

“This is a large chunk of the modern, efficient industrial space in Belvidere,” Folvig adds. The big trade comes just when the Rockford area has also begun “seeing new developments started, and a lot of leasing activity, including expansions and renewals.” For example, in Loves Park, just north of Rockford, Woodward Inc., a company founded in Rockford in 1870, broke ground late last year on a $200 million aerospace manufacturing plant. And LandMark has started developing the 200-acre Park-90 Corporate Center, located at the intersection of I-90 and IL 173 in Machesney Park, another Rockford suburb.