CenterPoint Developing a Pair of Million-Square-Foot Specs at CenterPoint Intermodal Center – Joliet/Elwood, IL
Posted By Staff Writers On July 1, 2021 @ 8:35 am
OAK BROOK, IL – CenterPoint Properties is simultaneously constructing two 1 million-square-foot speculative facilities at 3301 and 4300 N. Brandon Road in the CenterPoint Intermodal Center in Joliet and Elwood, IL. Company leaders say their commitment to developing two buildings reflects the significant demand for premium warehouse space adjacent to rail terminals.
“Building million-square-foot facilities on a speculative basis at the same time is a big statement on where we think the market and tenant demand is currently and will remain going forward,” said Brian McKiernan, CenterPoint’s Senior Vice President of Development. He oversees development and leasing at CIC – Joliet/Elwood.
The two warehouses will feature Class A building attributes critical to modern distribution tenants, including 40-foot clear-heights, heavy power and ESFR sprinkler systems. The properties’ parking components will be crucial to e-commerce operations. The 73-acre property at 4300 N. Brandon accommodates nearly 700 trailers and 372 cars. 3301 N. Brandon allows for 361 trailers and 225 cars with room to expand both on its 59-acre lot.
In addition to premium proximity to the centerpiece of the CIC – Joliet/Elwood – the UP and BNSF rail terminals – the new facilities will also allow for direct access to critical regional interstates 80 and 55 and a regional consumer and labor base of nine million people.
CenterPoint’s confidence that the two new buildings will match tenant demand is rooted in its success in leasing 3.5 million square feet of warehouse space in CIC – Joliet/Elwood over the past year.
CIC – Joliet/Elwood continues to demonstrate its long-term value among companies seeking supply chain efficiencies and cost savings from its immediate access to critical intermodals and regional interstates.
CenterPoint has developed 25 facilities consisting of 17 million square feet of space within CIC Joliet-Elwood and invested over $2 billion in the park. In addition, the company can develop an additional 15 million square feet of warehouse space on 800 acres in the park. McKiernan says he’s bullish on the company’s expansion plans in the long term despite challenging increases in construction pricing and delays in material availabilities.
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CenterPoint is an industrial real estate company made up of dedicated thinkers, innovators and leaders with the creativity and know-how to tackle the industry’s toughest challenges. And it’s those kinds of problems—the delicate, the complex, the seemingly-impossible—that we relish most. Because with an agile team, substantial access to capital and industry-leading expertise, those are exactly the kinds of problems we’re built to solve. For more information on CenterPoint Properties, visit centerpoint.com, follow @CenterPointProp on Twitter or engage with us on LinkedIn.