CHICAGO—Developers have begun launching speculative industrial projects throughout much of the I-55 submarket, and an affiliate of New York-based KTR Capital Partners just became the latest investor to also express confidence in the region. It just completed the acquisition of 700 Gateway Dr., a 206,711-square-foot, class A distribution facility in suburban Bolingbrook. Although the building is currently vacant, KTR officials express great confidence that they will lease up the property.

“With the I-55 submarket at an all-time low vacancy rate, this building is the only free standing availability in its size range and is very well-positioned to attract a user looking for a visible, highly functional warehouse,” said Ryan Stoller, vice president of investments for KTR, in a prepared statement. Stoller could not be reached by press time, but GlobeSt.com will provide an update later in the week.

As reported in GlobeSt.com, the area has recently experienced a great deal of leasing activity. Tenants signed agreements to lease 2.1-million-square-feet in the first quarter, nearly four times the amount leased in the fourth quarter of 2013, according to a recent report by Colliers. Ferrara Pan Candy and Midwest Warehouse & Distribution System, Inc. signed two of the most significant leases, both in Bolingbrook, for, respectively, 747,200-square-feet at 901 Carlow Dr. and 650,500-square-feet at 1450 Remington Blvd.