Mapletree Investments announced on May 14 their acquisition of an 18.11-acre (788,871-sq ft) site in Chicago, Illinois, where the firm plans to develop a premier logistics facility spanning 276,000 sq ft.
Located on Vetter Road in the town of Joliet, Mapletree chose the site for its strategic location as the site lies along the I-80 and the I-55 interchange and offers convenient access to the Joliet Intermodal Centre which holds the title as North America’s largest and most active inland port.
“This acquisition marks another milestone in our long-term strategy to drive growth through targeted development in key US markets,” says Richard Prokup, CEO of US operations of Mapletree.
As a global leader in logistics, Mapletree owns and manages approximately 251 million sq ft of logistics assets worldwide as at end of December 2024. Since entering the US real estate market in 2014, the Group has built a diverse portfolio spanning logistics, data centre, office, student housing and multifamily properties.
In Chicago alone, Mapletree has an industrial portfolio of 65 assets totalling approximately 10.3 million sq ft.
“We continue to pursue compelling development opportunities nationwide. The Vetter Road land acquisition provides a strategic location that allows us to expand our footprint into the Joliet submarket with a best-in-class, LEED (Leadership in Energy and Environmental Design)-certified building,” says Mapletree’s head of US logistics \development, Chiagorom Osu.
See also: LHN sells stake in Geylang Road property for $25.8 mil
This expansion in Chicago comes about a month after the group announced its site plan approval in Apr 2025 to develop a 149,100-sq ft facility on an 8.2-acre site adjacent to its existing 400,000-sq ft warehouse along Munger Road in Chicago’s North DuPage submarket which is expected to break ground in late summer 2025.
As at March 31, 2024, the US accounted for approximately 27% of the group’s total assets under management, valued at about US$57.7 billion ($75.06 billion).
