Mapletree Investments has announced the acquisition of an 18.11-acre site on Vetter Road in Joliet, Illinois, where it plans to develop a 276,000-square-foot logistics facility. The site, strategically located along the I-80 and I-55 interchange, offers easy access to the Joliet Intermodal Centre, North America’s largest inland port. This acquisition is part of Mapletree’s strategy to enhance its presence in key US markets.
Richard Prokup, CEO of Mapletree US, stated, “This acquisition marks another milestone in our long-term strategy to drive growth through targeted development in key US markets.” Chiagorom Osu, Head of US Logistics Development, added that the location allows Mapletree to expand into the Joliet submarket with a LEED-certified building.
Mapletree’s Chicago industrial portfolio now includes 65 assets, totalling approximately 10.3 million square feet. The acquisition is expected to further accelerate the growth of Mapletree’s US development pipeline. In addition to this project, Mapletree has received approval to develop a 149,100-square-foot facility in Chicago’s North DuPage submarket and is expanding its warehouse facility in Orlando, Florida.
Since entering the US real estate market in 2014, Mapletree has built a diverse portfolio, including logistics, data centres, offices, student housing, and multifamily properties. As of March 2024, the US accounted for about 27% of Mapletree’s total assets under management, valued at approximately $57.7b.
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