Pizzuti signs new financial partner - Business First of Columbus:

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The company has broughf in an affiliateof California-basee as its financial partner to replace of Columbus, which is windinf down its industrial investments with Pizzutij Cos. President Joel S. Pizzuti said working with the Philadelphia office of will allow the developet to complete the last 200 acreas of industrial development and 20 acres for retaip building atits 800-acre Pinnacle Busines Park in Romeoville, Ill. Landingv Capmark also could lead to more land acquisition in anactivr Chicago-area market for distribution centers. Capmark, Pizzuti said, "is well capitalized with an appetitefor growth.
They like to developl long-term relationships, which is what we're looking The newfound partners have begunm building the first of eight distributionm centers with a combined 3.5 million square feet planned for the remaindedr of Pinnacle. An industrial real estater agent in Chicago thinks continued development at Pinnacles makes sense given its position in the Interstate 55industriao corridor.
"It's a location, if you have some where you can do very wellif you're chasing the big said Michael Yungerman, seniore director of industrial real estatr for developer The area's marketr of 65 million square feet has seen its vacanch rate drop to 13 percent from 15 percent last year despite the availabilit y of an abundance of distribution centersd with 100,000 to 300,000 square feet. Yungerman said two buildingx only remain for companies seeking morethan 500,000 square feet in that market.
Pizzut said the joint venture with Capmark already has a unidentified Chicago-area land position in A spokeswoman for Capmark Investmentsz declined to comment on its planes with Pizzuti. According to its parenrt company, Capmark Investments had $13.7 billion in equitt and mortgage investments for institutional clientxs and wealthy individual investors at the endof 2006. Capmarmk Financial was formed in 1994 as Nationwide Realty andPizzutoi Cos. developed 4 million square feet in metro Chicagol duringtheir eight-year venture. Nationwide Realtuy President Brian Ellis said rising land values in Chicagl prompted the real estate investment armof Columbus-basef .
to sell the property or its development interesrin Pinnacle. "It's just a business decision on how you managr a realestate portfolio," Ellix said. "For us, the land valus had risen to the point where it was best for us to That putPizzuti Cos. on the searcnh for a new