(Read more on the industrial market.)
AURORA, IL-Liberty Property Trust, based in Rosemont, IL, recently completed a 203,092-sf, build-to-suit building, at 801 Bilter Road, and expects to finish a 592,539-sf speculative industrial building, at 800 Bilter Road, by the end of this month. Both buildings are located in the Liberty Business Center. The project cost for both buildings is approximately $40 million, says Don Schoenheider, city manager and vice president for Liberty.
The build-to-suit facility will be fully occupied by PPG Industries, a supplier of paints, coatings, chemicals, optical products, specialty materials, glass and fiberglass. The company moved from a building in Batavia, IL where it was leasing about 100,000-sf from Liberty, Schoenheider says. PPG acquired another company and needed the additional space, he says. The company is using the building as a distribution facility. The spec building is already 100% leased by UTI Integrated Logistics, a third party logistics company for Panasonic, Schoenheider tells GlobeSt.com.
The asking rate for the area is $3.95 per sf and the leases are "in that same range," Schoenheider says. PPG has a "long-term" lease and the lease term for UTI Integrated Logistics is "between three to five years," he says.
The Liberty Business Center is a joint venture between Liberty and New York Common Retirement Fund, Schoenheider says. There are still two parcels still open for development in the 200-acre business park. Liberty plans to construct a 500,000-sf speculative building on one of the parcels and a 200,000-sf spec building on the other piece of land, he says. There are currently 1.3 million sf of industrial buildings in the park, which is 100% leased. When the park is fully constructed, there will be more than two million sf of industrial space, he says.
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