"This is a consolidation of a couple of different operations they had elsewhere in the Midwest," Don Schoenheider, VP and city manager with Liberty, tells GlobeSt.com. "They were looking for a business park location, and this building had all the features they were looking for: sprinklers, trailer space, good location and additional docks. They needed two buildings close to each other that they could access easily."
OHL also leased a nearby 50,000-square-foot building from Milwaukee, WI-based Towne Investments, according to Schoenheider. OHL was represented in its deal with Liberty by J.D. Salazar, managing principal with Downers Grove, IL-based Champion Realty Advisors. OHL has also leased space from Liberty in Pennsylvania and Texas.
Liberty purchased the 14-acre property from Buffalo Grove, IL-based TPR Associates Ltd. two years ago, when it was fully leased by Rust-Oleum. The modern, glass-faced property offers 24 loading docks and 30-foot clear ceilings. Asking lease rates at the building are $3.95 per square foot net.
The property is located in the southeastern Wisconsin submarket, which Schoenheider says is holding its own despite the economy thanks to its access to both Illinois and Wisconsin, centrally located just north of the border between the two states. "The submarket appears to be holding up pretty well," Schoenheider says. "There continues to be activity and interest from companies in Cook and Lake counties looking to move up here, and this was a good option for (OHL)."
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