News
DarwinPW Realty/CORFAC International Announces Hyundai Translead’s Lease in Joliet, IL
Elmhurst, IL – DarwinPW Realty/CORFAC International has announced that Jerry Sullivan and Ed Wabick, SIOR, Principals of the firm have negotiated a long-term lease to San Diego-based Hyundai Translead, a subsidiary of South Korea-based Hyundai Motor Company within the Will County Industrial Center in Joliet, IL. The duo worked on behalf of the building owner, Industrial Realty Group, LLC (IRG).
Situated on 52 acres, Hyundai Translead plans to invest $452.5 million in improvements to the site that
was the former home to Caterpillar Inc. and Lion Electric Co. The company will expand its operations
into the U.S. with two new trailer manufacturing production facilities and has committed to creating
approximately 2,500 new full-time jobs. Construction is expected to begin this summer with production
set to begin in the first half of 2027. Illinois will provide $69 million in tax incentives to the expansion
through the Economic Development for a Growing Economy program.
The announcement reflects a shared vision and commitment to economic advancement between
Hyundai Translead, the state of Illinois, and local leadership. Collaboration with city and state officials
has been instrumental in bringing this transformative project to life.
“We are honored to have worked with IRG in completing a successful lease transaction with HTL,” said
Sullivan of DarwinPW Realty/CORFAC International. “A project of this magnitude, while complex, was
relatively streamlined due to the leadership on both sides of the negotiations.”
The site is currently home to a 1,380,070 square foot building that features 20’-44’ clear height ceilings,
79 docks, barge access, and close proximity to I-80, I-55 and the Houbolt Bridge. The site offers easy
access to both UP and BNSF intermodal yards and borders the Des Plaines river. The location offers
capacity for future expansion. Hyundai Translead was represented by Shamus Conneely of John Greene Commercial Real Estate in the transaction.
As part of a comprehensive incentive package, which includes an EDGE agreement with the State,
Hyundai Translead has committed to investing $452.5 million and creating at least 2,475 new full-time
jobs. A link to the full agreement can be found here. In 2025, companies in the EDGE program committed to more than $2.6 billion in investments in communities across Illinois, reinforcing the
program’s role as a powerful driver of job creation and capital investment in communities statewide. In
addition to state incentives, the company is also working with Will County taxing bodies to secure local
incentives.