Industrial Realty Group has executed a long-term lease with Hyundai Translead, a subsidiary of Hyundai Motor Company.
Hyundai Translead will lease 1.38 million square feet of space in Joliet, Illinois, expanding its manufacturing footprint. The facility was formerly Caterpillar’s main plant. The transaction was managed by Onno Steger, Senior Vice President of IRG. Darwin PW Realty’s Jerry Sullivan and Ed Wabick represented the landlord, and Shamus Conneely of John Greene Commercial represented the tenant.
“This lease represents the beginning of a new chapter for the facility, county and state. It reinforces IRG’s commitment to revitalizing complex industrial assets into modern, high-impact economic drivers,” said Justin Lichter, Chief Investment Officer of IRG.
In addition to the Joliet facility, Hyundai Translead will also move into a second Will County location at the former Lion Electric site. The expansions will collectively create approximately 2,500 new full-time jobs and $450 million of investment into the facilities.
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