Liberty Property Trust has completed the purchase of two buildings at Centerpoint Intermodal Center in Elwood, Illinois on Friday, July 1. Liberty’s total investment is approximately $60 million.
The addition of the properties brings the Liberty portfolio to more than 6.3 million square feet of industrial space in the Chicago area. The buildings, purchased from Mirvac, represent Liberty’s entry into this “inland port” location.
Acquisitions include two warehouse/distribution centers: 21705-07 Mississippi Street, a 1,022,554 square foot facility on 48 acres; and 27413 S. Baseline Road, a 213,500 square foot facility on 27 acres.
“This location is the epicenter of cost-effective and efficient shipping to and from the Midwest, and it has long been our goal to enter this market in a meaningful yet responsible way,” said Don Schoenheider, vice president and city manager, Liberty Property Trust, in a release. “These buildings, both less than a decade old and in excellent condition, are a terrific gateway for Liberty into the submarket.”
The properties are also in close proximity to Liberty Business Center, Liberty’s planned 3.5 million square foot warehouse and distribution park on 255 acres in Minooka.
“This purchase will help us to ‘connect the dots’ with our planned park in Minooka in terms of the quality and quantity of space we can offer to tenants. This is a very exciting time to be involved in the growth of intermodal activity in the Chicago area, and for Liberty, it is just the beginning,” added Schoenheider.
The buildings are currently 36 percent leased. DSC Corporation has signed a lease to expand from 355,375 square feet to 567,000 square feet at the Mississippi Street facility, commencing August 1. NFI currently occupies 93,000 square feet at the S. Baseline Road building.
The two buildings are adjacent to the massive 770 acre BNSF Logistics Park-Chicago complex at the heart of the Chicago Intermodal facility. The park is built with direct access to BNSF’s premier rail routes, primarily from the west coast. The Mississippi Street facility is within a Foreign Trade Zone, and the S. Baseline Road property is a customs bonded warehouse.