(To read more on the industrial market, click here.)
LIBERTYVILLE, IL-The McShane/MetLife alliance has started site work at its newest endeavor, Liberty Point Corporate Center, a three-building industrial park located at Peterson and Midlothian roads in this northern suburb off Illinois Routes 45 and 137. The group is planning to construct two industrial spec buildings totaling 359,000 sf and one 597,000-sf build-to-suit.
Anthony J. Pricco, vice president with McShane Corp., tells GlobeSt.com that the Lake County industrial market is quite different than the bulk distribution and heavy manufacturing markets of I-55 and I-80. With asking rates between $5.25 per sf and $5.95 per sf, the market attracts high-end users.
"Lake County is one of those markets where there is not as much demand, but not as much competition," Pricco tells GlobeSt.com. "There are definitely barriers to entry up there, be it zoning utilities or physical constraints." To provide flexibility for such specific users, Pricco says the spec facilities are designed to accommodate small- to medium-sized users. He admits, however, that the space can be taken by one large user, as was the case with the build-to-suit.
The first building, Liberty Point Corporate Center II is a 217,620-sf facility that will accommodate users from 40,000 sf and larger for a variety of industrial uses. Situated on a 13-acre site, the building will feature 24 exterior truck docks, two drive-in doors, 48-foot by 50-foot bay spacing with 60-foot dock staging bays and a 30-foot clear height.
A second 142,290-sf spec facility, Liberty Point Corporate Center III, will be concurrently developed on a 10-acre site. The building will be divisible to 20,000 sf and will feature a 26-foot clear height, 12 exterior truck docks, six drive-in doors, a building depth of 170 feet, and 40-foot by 48-foot bay spacing with 50-foot dock staging bays.
Multiple storefront entrances will accommodate either single- or multi-tenant users at both buildings. A third parcel within the park had been previously secured for a 597,000-sf build-to-suit facility. Pricco says the user of that building will be disclosed at a later date.
McShane Construction Corp. and Heitman Architects Inc. will provide design/build construction services for the industrial park. Cushman & Wakefield's John Hauser, Steven W. Trapp and Lori Catrintza are the exclusive marketing agents for the project. McShane anticipates a fall 2006 groundbreaking and a summer 2007 completion for all three buildings.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
