GLP Nabs Global Retailer as Tenant
- Jul 21, 2015
By Keith Loria, Contributing Editor
Global Logistic Properties Ltd. has leased 475,000 square feet of logistics space at Laraway Crossings Business Park in Joliet, Ill., to a leading global retailer.
Although the lessee was not revealed, the customer is planning to use the logistics facilities to enhance its distribution capabilities in the Midwest.
“The appeal was the combination of building functionality, the local labor force, and access to the intermodal and highway infrastructure,” Paul Loosmann, GLP’s U.S. co-chief investment officer, told Commercial Property Executive. “GLP recognized the value upside when we acquired the building vacant in February. Fully stabilizing this building with excellent credit over a long-lease term significantly enhances the value of this strategic asset.”
Laraway Crossings is a 362-acre master-planned distribution park located southwest of Chicago that is ideal for companies to relocate and consolidate their warehouse and distribution centers. Buildings in the business park range from 80,000 square feet to 1,400,000 square feet. Facilities are cross-docked with a 30-to 32-foot clear ceiling height minimum, Early Suppression Fast Response sprinkler systems, ample parking, large truck courts and on-site trailer storage.
According to Loosmann, demand for space at Laraway Crossings has been very strong and the company will be making small changes to fit the needs of the incoming global client.
“The business-friendly climate of Joliet and strong local workforce, coupled with the transportation network, pushed this location to the forefront,” he added. “We are currently building out additional office and providing other improvements to meet the customer’s needs.”
GLP U.S. was formed in 2015 through the acquisition of former IndCor Properties, and is now one of the largest U.S. providers of industrial real estate with over 110 million square feet under management located in 29 key markets across the country. GLP’s U.S. $28 billion property portfolio encompasses over 440 million square feet of logistics facilities across China, Japan, Brazil and the U.S.