Liberty Property Trust has purchased two industrial buildings in the western Chicago suburb of Carol Stream for $39.75 million. Both buildings are fully leased to national tenants.
“These properties provide us with even greater depth in Central DuPage County, a strong logistics market with easy access to I-355 and O’Hare Airport,” said Don Schoenheider, vice president for Liberty in the region. “With little developable land available in the region, Central DuPage is a highly desired infill market and we are pleased to add these buildings, and some top national companies, to our roster.”
The first building, located at 135-195 East Elk Trail, offers 334,718 square feet of space. It is leased to two tenants, the larger of which is Pampered Chef. The second, at 515 Kehoe Boulevard, provides 385,344 square feet and is fully leased to Office Depot.
The buildings were acquired from an institutional owner. The seller was represented in the transaction by the team of Michael Caprile, Ted Stazak and Stephanie Park at CBRE.
Last month, Liberty concluded the purchase of a 177-building national industrial portfolio. Twenty-four of those buildings are located in the Chicago region, 12 in DuPage County alone.
The acquisition made Liberty the third largest industrial REIT in Chicago.
Today Liberty owns 47 buildings offering approximately 12 million square feet of space in the region, with concentrations of property in the I-55 Corridor, the Aurora/I-88 submarket and the Minooka/Elwood/I-80 Corridor, as well as in Southeastern Wisconsin.
