CHICAGO—Industrial builders may be picking up the pace when it comes to speculative development in the Chicago region. Panattoni Development Co. has just completed the purchase of a 76.23-acre land parcel on Airport Rd., east of Weber Rd., in suburban Romeoville's Pinnacle Business Center, and plans to launch one of the area's largest spec projects in years.
The sale transaction closed in December and the seller was REM Acquisitions LLC. James R. Estus, principal with Colliers International, and Jason West, executive director with Cushman & Wakefield, were involved with the transaction. Estus and West will market the space for lease for Panattoni.
Panattoni plans to construct a 787,200 square foot building on the site, which would be the second-largest spec project of the past five years, and the largest currently planned or under construction.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
