(The Associated Press circulated the following on June 11.)
CHICAGO — Industrial real estate investment trust ProLogis said Monday it bought 184 acres in Wilmington, Ill., to serve a growing intermodal facility in the Chicago area.
The REIT, which didn’t identify the seller or the price of the land, also optioned 591 more acres at the same location, which is 60 miles southwest of Chicago and serves as a distribution hub for shipments from the West Coast, the company said.
ProLogis plans to initially develop 3.2 million square feet of industrial space for $120 million, with future development of 3.8 million square feet of warehouse space on the optioned land.
The industrial park venture, which benefits from assorted state and local tax incentives, will serve Logistics Park-Chicago, BNSF Railway Co.’s largest intermodal facility in the Chicago area. BNSF intends to expand the capacity of its rail network serving Chicago.
An intermodal facility is one that allows the transfer of goods between truck and rail shippers.
Shares of ProLogis slipped $1.21 to $60.81 in morning trading.