We use cookies to provide you with a better experience. By continuing to browse the site you are agreeing to our use of cookies in accordance with our Cookie Policy.
  • INDUSTRY PRESS ROOM
  • ABOUT
  • CONTACT
  • MEDIA FILE
  • Create Account
  • Sign In
  • Sign Out
  • My Account
Free Newsletters
  • MAGAZINE
    • Current Issue
    • Archives
    • Digital Edition
    • Subscribe
    • Newsletters
    • Mobile Apps
  • TRANSPORTATION
  • MATERIAL HANDLING
  • TECHNOLOGY
  • LIFT TRUCKS
  • PODCAST ETC
    • Podcast
    • Webcasts
    • Blogs
      • One-Off Sound Off
      • Global Logistics and Risk
      • Empowering Your Performance Edge
      • Analytics & Big Data
      • Submit your blog post
    • Events
    • White Papers
    • Industry Press Room
      • Upload Your News
    • New Products
      • Upload Your Product News
    • Conference Guides
    • Conference Reports
    • Newsletters
    • Mobile Apps
  • DCV-TV
    • DCV-TV 1: News
    • DCV-TV 2: Case Studies
    • DCV-TV 3: Webcasts
    • DCV-TV 4: Viewer Contributed
    • DCV-TV 5: Solution Profiles
    • Parcel Forum 2022
    • MODEX 2022
    • Upload Your Video
  • MAGAZINE
    • Current Issue
    • Archives
    • Digital Edition
    • Subscribe
    • Newsletters
    • Mobile Apps
  • TRANSPORTATION
  • MATERIAL HANDLING
  • TECHNOLOGY
  • LIFT TRUCKS
  • PODCAST ETC
    • Podcast
    • Webcasts
    • Blogs
      • One-Off Sound Off
      • Global Logistics and Risk
      • Empowering Your Performance Edge
      • Analytics & Big Data
      • Submit your blog post
    • Events
    • White Papers
    • Industry Press Room
      • Upload Your News
    • New Products
      • Upload Your Product News
    • Conference Guides
    • Conference Reports
    • Newsletters
    • Mobile Apps
  • DCV-TV
    • DCV-TV 1: News
    • DCV-TV 2: Case Studies
    • DCV-TV 3: Webcasts
    • DCV-TV 4: Viewer Contributed
    • DCV-TV 5: Solution Profiles
    • Parcel Forum 2022
    • MODEX 2022
    • Upload Your Video
Home » Molto Properties Closes $27.8 Million Sale of Joliet, Ill., Industrial Asset
Press releases are provided by companies as is and have not been edited or checked for accuracy. Any queries should be directed to the company issuing the release.

Upload your press release

Molto Properties Closes $27.8 Million Sale of Joliet, Ill., Industrial Asset

February 8, 2016
No Comments

JOLIET, Ill., Feb. 8, 2016 - Cushman & Wakefield has brokered the sale of a 575,000-square-foot industrial property at 3451 S. Chicago Street in Joliet. The newly constructed asset traded from Molto Properties to Midwest Warehouse for $27.8 million.

Midwest Warehouse, a third-party warehousing and distribution services provider, will self-occupy approximately 366,000 square feet at the property. The space was vacant at the time of the sale. Otis Elevator occupies the balance of the building, which Molto Properties purchased in 2011. Located on nearly 30 acres, 3451 S. Chicago Street features modern accommodations with 32-foot clear ceiling heights, heavy power, ESFR Sprinklers and T-5 lighting, ample loading and parking capacity and a fully fenced and secure yard.

Cushman & Wakefield industrial specialists Jason West and Sean Henrick, based in the commercial real estate services firm's Rosemont, Ill., office, represented Molto Properties in the sale. Tim Thompson from HSA Commercial Real Estate served as broker for Midwest Warehouse.

The Cushman & Wakefield team initially marketed 3451 S. Chicago Street for lease.

"This is an incredibly well-located, well-constructed building, and the offering drew significant tenant interest," West noted. "However, Midwest Warehouse's preference to own 3451 S. Chicago Street outright proved to be advantageous for Molto Properties. Our client ultimately achieved an attractive return on its investment."

West noted that the building's proximity to Interstates 80 and 55 and the BNSF and UP intermodal facilities were draws for Midwest Warehouse.

"The Joliet market has become a top choice for big-box warehouse," he said. "In addition to the region's excellent transportation infrastructure, space users here enjoy access to a tremendous labor pool and the ability to reach 30 percent of U.S. households within a day's drive."

New industrial leasing activity in the Chicago industrial market totaled 28.8 million square feet and investment sales reached 24.5 million square feet in 2015, according to Cushman & Wakefield research. The overall vacancy rate decreased 0.3 of a percentage point year-over-year to a 15-year low of 6.4 percent. Looking ahead, the firm anticipates that the logistics corridors along I-80 and I-55 will see the majority of tenant and developer activity in the coming year.
###

About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. The firm's 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

More Info: http://www.caryl.com/molto-properties-closes-27-8-million-sale-of-joliet-ill-industrial-asset/

Submit your logistics, material handling, or supply chain related company news in DC VELOCITY's Industry Press Room section or New Products section
  • Related Articles

    CBRE Capital Markets Closes $70.6M Sale of 1.2 Million Square Foot Twin Cities Industrial Portfolio

    Cushman & Wakefield Announces Sale of Cherry Hill, N.J., Industrial Asset

    Cushman & Wakefield Inks Sale of Middlesex County, N.J., Industrial Asset

You must login or register in order to post a comment.

Report Abusive Comment

Most Popular Articles

  • Wireless technology could help electric trucks charge more safely, efficiently

  • Port of Oakland reports slow February container volumes as retail activity sputters

  • What’s shaping omnichannel fulfillment strategies?

  • Freight downcycle is closer to the end than the start, ACT says

  • WMS feels the squeeze

Now Playing on DCV-TV

ProMat 2023 DC Velocity Robotics Theater - KNAPP: Robotics: Applications and Technologies

DCV-TV 5: Solution Profiles

FEATURED WHITE PAPERS

  • Five tips for parcel success in 2023

  • Education Series: How, When and Why to Use XR Wearables in Your Industrial Business

  • The Future of Fleet Management: 5 Trends and Influences That Will Drive Logistics in 2023

  • The five best applications for robotic lift trucks in warehouse environments

View More

Subscribe to DC Velocity Magazine

GET YOUR FREE SUBSCRIPTION
  • SUBSCRIBE
  • NEWSLETTERS
  • ADVERTISING
  • CUSTOMER CARE
  • CONTACT
  • ABOUT
  • STAFF
  • PRIVACY POLICY

Copyright ©2023. All Rights ReservedDesign, CMS, Hosting & Web Development :: ePublishing