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Liberty Buys Two Industrial Sites for $45M

AURORA, IL-The two distribution facilities are fully leased and have a total of 745,000 sf.

By Gina Kenny | Updated on August 31, 2007

(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.

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