Logistics Property Company Buys 716,318-SF Romeoville Industrial Building for $58 Million

Logistics Property Company, LLC (LogiPropCo) has closed on 1401 Normantown Road, a 716,318-square-foot industrial building in Romeoville, Illinois, in Chicago's I-55 submarket, the firm announced Oct. 13. The fully leased property sits on 34.4 acres and was acquired for $58 million, or about $80.97 per square foot.

The building is the first acquisition within Logistics Property Company's recently announced value-add industrial real estate venture, which targets existing properties in several key markets. The acquisitions team is led by Mark Crawford and Joel Wicks.

Property Details: 1401 Normantown Road in the I-55 Corridor

The institutional-quality building, located at 1401–1465 W. Normantown Road, features cross-dock loading, 30-foot clear height and significant auto and trailer parking. The property is 100% leased.

Jeff Devine, Steve Disse and Tyler Ziebel of Colliers represented the seller. Crawford, Senior Vice President, Acquisitions at Logistics Property Company, worked with the Colliers team on the transaction.

Value-Add Strategy Targets Infill and Bulk Industrial

The venture, formed with a large U.S. public pension fund, focuses on properties in infill and bulk locations. The acquisitions team led by Crawford and Joel Wicks is pursuing opportunities for rehabilitation, redevelopment, covered land, mark-to-market lease-up and vacant lease-up.

Because 1401 Normantown Road is fully leased, the investment thesis appears to center on factors such as tenant retention, rent mark-to-market, physical upgrades and the potential of a large infill site.

“The Chicago industrial market has performed well over the last few years, and we have seen an increase in demand in the I-55 and I-80 corridors,” Crawford said. “This property is in an excellent location, and we anticipate demand for industrial space in this sub-market will remain strong.”

Chicago Industrial Market Context

Chicago industrial fundamentals strengthened in 2026. Third-quarter market vacancy was 6.8%, down from 7.8% a year earlier, while average asking rents reached a record $8.47 per square foot, up 6.9% year over year. Year-to-date net absorption reached 15.8 million square feet, compared with 1.7 million square feet in the prior-year period.

The I-55 corridor recorded 7.1 million square feet of new leasing through the third quarter of 2026, second only to the I-80 corridor's 9.0 million square feet. Large-block activity included two DHL leases totaling 1.8 million square feet and a commitment of roughly 800,000 square feet by RJW Logistics.

On the supply side, Chicago deliveries totaled 6.4 million square feet year to date in the third quarter, down from 10.0 million square feet in the comparable period, while under-construction inventory rose to 12.8 million square feet. Overall vacancy stood at 4.7%; excluding 8.9 million square feet of leased but unoccupied space, vacancy would be approximately 4.0%.

Logistics Property Company's Midwest Portfolio

The acquisition adds to Logistics Property Company's Midwest portfolio, which includes nearly eight million square feet of industrial space owned and under development. The deal follows three development properties the firm closed in the Chicago market over the past 12 months: 424 Howard Avenue in Des Plaines, 390 O'Hare Logistics Park in Schaumburg and 2349 West Lake Street in Addison.

The Addison site covers 9.8 acres, with a planned project totaling 140,122 square feet, 32-foot clear height, 36 dock positions and parking for 179 cars.

Logistics Property Company is a vertically integrated real estate operating company and investment manager focused on the acquisition, development and management of modern logistics properties in key U.S. markets. Headquartered in Chicago, it owns or has under development approximately 30 million square feet of logistics facilities across 14 markets.

The company reported 1.7 million square feet of new leases in the second quarter of 2026. Through the first half of the year, it signed 5.7 million square feet of leases and renewals, acquired 140 acres for development and closed $277 million in loans. It also sold a 571,423-square-foot distribution facility at 1237 W. Division Street in Chicago to Amazon for a reported $195 million.

Outlook

The Normantown Road purchase gives the new value-add venture immediate scale in a corridor where leasing activity and asking rents have risen. The property's cross-dock design, 30-foot clear height and trailer parking align with the needs of third-party logistics, distribution and supply-chain users.

Sources

• Logistics Property Company, LLC: Logistics Property Company Closes on 1401 Normantown Road in Chicago's I-55 Submarket