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Liberty Expands with $25M Industrial Building

AURORA, IL-The REIT will build 464,000-sf on 26 acres to expand upon the 2.5-million-sf Liberty Business Center complex.

By Cari Brokamp | Updated on September 04, 2008

AURORA, IL-Liberty Property Trust will break ground today on a $25 million, 464,000-sf distribution facility in the Liberty Business Center. The building will sit on nearly 26 acres at 900 Bilter Rd., and joins nearly 2.5 million-sf of industrial already constructed in the complex. The 150-acre center is 94% leased overall and developers say they have high expectations for speedy leasing of the new building.

“This is our third speculative building in three years, and we’ve leased both of the other ones prior to their completion,” says Donald Schoenheider, VP and city manager with Liberty. “The access to Interstate 88 is very good, and we’re right on a four-way interchange. Tenants have access to a well-priced labor base.”

Liberty owns five of the eight existing buildings in the development, having built four and bought one. The existing buildings range in size from around 200,000 sf to 700,000 sf. Asking lease rates in the complex are around $3.95 per foot, net, Schoenheider says.

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