(Read more on the industrial market.)
AURORA, IL-Liberty Property Trust has purchased two industrial buildings for just less than $45 million, says Don Schoenheider, vice president and city manager for the company. The two distribution facilities, which have a total of 745,000 sf, are at 2759 N. Eola Rd. in the Butterfield Business Park in Aurora, IL and at 8691 109th St. in the Lake View Business Park in Pleasant Prairie, WI. Cap rates for the sales were not disclosed.
The 505,598-sf building in the Butterfield Business Park was acquired from Denver-based PERA Butterfield Inc. The building, on 27 acres, is fully leased by Menlo Logistics and General Electric which both have "relatively decent terms left" on their leases, he says. Liberty also owns an industrial building at 2453 Prospect Dr. in the same park. The asking lease rate for industrial property in the Aurora area is generally about $3.95 per sf net, Schoenheider says.
The 239,379 sf building in the Lake View Business Park was acquired from TPR Associates LTD, based in Buffalo Grove, IL. The building, which is on 14 acres, is currently fully leased by Rust-Oleum with less than two years left on the term. The building is divisible or could be leased to one tenant and is "in a business park that has a low vacancy rate and a submarket with low vacancy," Schoenheider says. The asking lease rate for the area is about $4 per sf net, he says.
Liberty owns and manages more than 4.6 million sf of industrial space in the Chicagoland area with "well north of three million sf in the Aurora market," he says. Liberty also recently acquired industrial buildings at 999 Bilter Rd. in Aurora and 501 Airport Rd. in North Aurora, IL for a total of $25 million, as reported by GlobeSt.com. "We are very comfortable with the far west suburban market," he says. The facility in the Lake View Business Park is Liberty's first acquisition in southern Wisconsin, Schoenheider says. "Our focus is to try to expand in multiple submarkets," he says. Liberty is also looking to expand in Lake County, Schoenheider tells GlobeSt.com.
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.
