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AURORA, IL-Liberty Property Trust, headquartered in Malvern, PA, has purchased industrial buildings at 501 Airport Rd., in North Aurora, IL, and 999 Bilter Rd., in Aurora, IL. The building in North Aurora was acquired from Chicago-based First Industrial and the building in Aurora was acquired from CenterPoint Properties, based in Oak Brook, IL. The sales price was $25 million for both properties combined, says Don Schoenheider, vice president and city manager for Liberty. Schoenheider would not disclose cap rates for the sales.

The 120,000 sf building in North Aurora, which is located on five acres, is currently 100% leased. Tenants include One Source Industries, Merillat and Continental Concession. The average lease rate for the building in North Aurora is in the "high $4's" per sf net, Schoenheider says.

The building in Aurora is located on 22 acres near the Liberty Business Center and will now be part of the 1.3 million sf business park. The building, which had been developed by HSA, had been 100% leased but is currently 38% leased after Menlo Logistics left, Schoenheider says. Berry Plastics occupies 147,815 sf of the 382,430 sf facility. The asking lease rate for the building is $3.95 per sf, net.