Will County Expansion to Result in Nearly 2,500 Jobs, $450 Million Investment JOLIET, Ill., April 9, 2026 /PRNewswire/ -- Industrial Realty Group, LLC (IRG), one of the country's largest owners of commercial and industrial properties, is proud to announce it has executed a long-term lease...
Hyundai Translead, a subsidiary of Hyundai Motor Company, will lease the former Caterpillar plant to expand its manufacturing operations, resulting in nearly 2,500 jobs and a $450 million investment in Will County.
This lease signifies a substantial industrial expansion in Joliet, indicating strong demand for large-scale manufacturing facilities and potential upward pressure on industrial property values in the region.
Potential delays in facility improvements
MediumEnsure robust project management and contingency planning.
Economic downturn affecting demand
HighDiversify tenant base and explore alternative revenue streams.
Rising interest rates
MediumLock in financing at current rates and explore hedging strategies.
Industrial Realty Group (IRG) has secured a long-term lease with Hyundai Translead for a 1.38 million sq. ft. facility in Joliet, Illinois. The expansion will create approximately 2,500 jobs and involve a $450 million investment. The facility, previously a Caterpillar plant, will support Hyundai Translead's manufacturing operations. The transaction was managed by Onno Steger of IRG, with representation from Darwin PW Realty and John Greene Commercial.
This source provides comprehensive details about the lease agreement, the scale of investment, and the expected economic impact, making it crucial for understanding the full scope of the deal.
The Joliet City Council approved a five-year, 50 percent property tax abatement for Hyundai Translead, which plans to establish a new manufacturing plant in Joliet. The facility will employ 1,291 workers at full capacity. The tax abatement is seen as a necessary incentive to attract Hyundai Translead to the area.
This source provides insights into the local government's incentives and the expected employment impact, which are critical for assessing the economic implications of the deal.
Industrial property values in Joliet are likely to increase as large-scale tenants like Hyundai Translead drive demand for manufacturing space.
prnewswire.com, thetimesweekly.com
On April 9, 2026, IRG announced the lease agreement with Hyundai Translead. The Joliet City Council approved a tax abatement on the same day. The facility, previously a Caterpillar plant, will undergo improvements and begin operations to employ 1,291 workers at full capacity [prnewswire.com, thetimesweekly.com].
End of Intelligence Report · 4 Sources Verified