MONEE, IL—Liberty Furniture Industries Inc., an Atlanta-based furniture manufacturer, has decided to lease a 246,300-square-foot, class A industrial property located at 25777 S. Cleveland Ave. in Monee, IL, a far south suburb of Chicago. The lease will begin on April 1, 2014 and will last for 8.5 years.
Walter Murphy, a principal of Lee & Associates' Chicago office, represented Liberty in the lease negotiations and the landlord, JP Morgan Asset Management, was represented by Jeffery Kapcheck of Colliers International. The exact terms of the deal have not yet been disclosed.
In addition to Canada, Liberty distributes furniture throughout the Southeast, Northeast and Midwest regions of the US.
According to a 2008 release from Marcus & Millichap, which was announcing a property for sale, Liberty occupied a 200,000-square-foot class A warehouse and distribution facility at 555 West 167th St. in nearby South Holland, and had a lease which ran through April 2014.
The properties seem quite similar. Both are relatively modern, the South Holland location was built in 2007, and the Monee property in 2001. Both have easy access to area expressways and 30' clear heights. The Monee facility will also have 10,000-square-feet of office space, 25 truck docks, two drive-in doors, ESFR sprinklers and sits within the town's Tax Increment Financing district.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
