Industrial Realty Group (IRG) has acquired a 1.47 million-square-foot industrial site just outside of the Chicago suburb of Joliet, in Rockdale, Ill.
"We are certainly in a period of expansion, primarily as a result of our recent bond offering through Goldman Sachs," said John Mase, CEO of IRG. "This is an exciting opportunity to combine IRG's core competencies and convert a former Caterpillar facility from a single-tenant manufacturing facility to a multitenant complex capable of accommodating warehouse, distribution and manufacturing users."
The 69-acre property includes several buildings along the Des Plaines River. The largest building is 1.3 million square feet with 65,384 square feet of office space. The site was the former home of Caterpillar's hydraulic manufacturing operations.
"It's very well-positioned in southwest Chicago's Will County, home of the nation's largest inland port," said Peter Goffstein, senior vice president. "The project's potential fo
