CHICAGO — Logistics Property Co. has sold a distribution facility located at 1237 W. Division St. in Chicago for $195 million. Amazon (NASDAQ: AMZN) has been reported as the buyer by multiple media outlets.
Situated near downtown Chicago and totaling 571,423 square feet, the property was the first multi-story logistics facility to be developed in the Midwest, according to JLL.
The facility was purpose-built for distribution operations and features clear heights over 34 feet, 56 loading docks, 135-foot truck court depths, a dedicated second-floor truck ramp and 10,000 amps of power.
Parking capacity at the facility includes a 292,500-square-foot rooftop parking deck and an adjacent five-level parking structure, which together accommodate up to 1,590 automobiles or 763 vans.
According to JLL Capital Markets, which brokered the sale, more than 1 million residents live within a five-mile radius of the property, which is situated roughly three miles from Chicago’s central business district, with convenient access to Chicago O’Hare International and Chicago Midway International airports. Amazon plans to begin operations at the facility in late 2027 or early 2028 and use the property as a same-day delivery center, according to the Chicago Sun-Times.
Logistics Property Co. completed the development in late 2024. In May of last year, the company purchased an additional 5.9-acre site near O’Hare International Airport.
Founded in 2018, Logistics Property Co. is owned by the management team of the company and by Macquarie Real Estate Investments Holdings. The Chicago-based firm is an entity within the real estate division of Macquarie Asset Management.
Amazon’s stock price closed on Wednesday, Oct. 7 at $259.92 per share, up from $225.22 a year ago, a more than 15 percent increase.
— Hayden Spiess