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MINOOKA, IL-Liberty Property Trust has acquired 225 acres to develop Liberty Business Center Minooka, a 3.5-million-sf plan for three industrial buildings. The all-in development cost could be as much as $150 million.

Liberty's new development site is situated at the intersection of Interstate 80 and Ridge Road. The buyer isn't discussing who it bought the land from or how much it paid.

Don Schoenheider, VP and city manager for the Malvern, PA-based Liberty, says the property has "great visibility" on Interstate 80 and is about three miles from Interstate 55, which gives access to the south as well as to Chicago. "The I-55 market has shown very strong net absorption the past couple of months," he says. The property is also near the BNSF railroad intermodal yard. Liberty acquired the parcel, in part, because "we felt strongly that we needed to create a position in that I-80 corridor," he says.