DarwinPW Realty Negotiates Hyundai Translead's $452.5M Industrial Lease for 1.38M-SF Joliet Facility

ELMHURST, IL — DarwinPW Realty/CORFAC International has brokered a long-term industrial real estate lease for Hyundai Translead at the Will County Industrial Center in Joliet, Illinois, the firm announced. The deal, negotiated on behalf of building owner Industrial Realty Group, LLC (IRG), involves a 1,380,070-square-foot facility where the San Diego-based trailer manufacturer plans to invest $452.5 million in site improvements.

Deal Overview and Real Estate Development Plans

Jerry Sullivan and Ed Wabick, SIOR, principals at DarwinPW Realty/CORFAC International, represented IRG in the transaction. Hyundai Translead — a subsidiary of South Korea-based Hyundai Motor Company — was represented by Shamus Conneely of John Greene Commercial Real Estate.

The 52-acre site is the former home of Caterpillar Inc. and Lion Electric Co. Hyundai Translead plans to establish two new trailer manufacturing production facilities at the location, expanding its operations into the U.S. market. The company has committed to creating approximately 2,500 new full-time jobs at the site. Construction is expected to begin this summer, with production set to begin in the first half of 2027.

"We are honored to have worked with IRG in completing a successful lease transaction with HTL," said Sullivan of DarwinPW Realty/CORFAC International. "A project of this magnitude, while complex, was relatively streamlined due to the leadership on both sides of the negotiations."

Property Features and Industrial Real Estate Specifications

The Will County Industrial Center building offers a range of logistics-oriented features suited to large-scale manufacturing. The facility includes 20-to-44-foot clear height ceilings, 79 dock doors, and barge access along the Des Plaines River. The site also offers proximity to Interstate 80, Interstate 55, and the Houbolt Bridge, as well as access to both Union Pacific and BNSF intermodal yards. The location also provides capacity for future expansion.

Incentive Package and Will County Taxing Bodies

As part of a comprehensive incentive package, the State of Illinois will provide $69 million in tax incentives through the Economic Development for a Growing Economy (EDGE) program. The agreement includes a commitment from Hyundai Translead to invest $452.5 million and create at least 2,475 new full-time jobs. In 2025, companies participating in the EDGE program committed to more than $2.6 billion in investments across Illinois communities.

In addition to state-level support, the company is also working with Will County taxing bodies to secure local incentives, according to the announcement. Collaboration with city and state officials was described as instrumental in advancing the project.