Chicago-area industrial sale tops $100M

Joint venture sheds 1.9 million square feet

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A joint venture between Panattoni Development Co. and LaSalle Investment Management sold a 1.93-million-square-foot industrial portfolio for a price of more than $100 million. The four buildings involved are located outside Chicago in the Windham Lakes Southwest Business Park in Romeoville, Ill., in what is said to be the largest transaction in the I-55 Corridor industrial submarket in the past 10 years. Heitman American Real Estate Trust purchased the assets, which include 1701 Normantown Road (814,848 square feet); 1401 Normantown Road (716,318 square feet); 1601 Normantown Road (260,605 square feet); and 1801 Normantown Road (136,607 square feet). ...