Joint Venture Between PCCP & Panattoni Development Co., Inc. Acquires 51-Acre Site for Industrial Property Development in Chicago Suburb
San Francisco, Calif., May 12, 2015 – PCCP, LLC announced today that it has formed a joint venture with Panattoni Development Company, Inc. (Panattoni) to acquire a fully entitled 51-acre land parcel in Lockport, Il, a southwestern suburb of Chicago. The joint venture plans to develop Lockport 355, a four-building industrial park totaling 846,510 square feet.
“This is the first equity investment PCCP has executed with Panattoni and we are looking forward to being a partner with one of the nation’s most reputable and successful industrial developers,” said Jim Galovan, managing director with PCCP. “This project is well located on the expanded I-355 Veteran’s Memorial Tollway in a high demand submarket of Chicago.”