Liberty Property Trust has purchased a 723,291-square-foot industrial building at 1070 Windham Parkway in Romeoville, in the heart of the I-55 submarket. This is the first acquisition in the submarket for the company, which owns and manages more than 7.7 million square feet of industrial space in the greater Chicago-Milwaukee Corridor.
The building was acquired from an institutional owner. The seller was represented in the transaction by Jeff Devine and Steve Disse of Colliers International. Home Depot, the current tenant, will occupy the building until its lease expires at the end of 2013.
“With demand rising and supply dropping for large industrial spaces across the region, this building, which offers direct visibility on I-55, as well as outstanding loading and trailer parking, was a terrific opportunity,” said Don Schoenheider, vice president and city manager for Liberty in the market. “It is in superb condition and will be a great part of our portfolio going forward. Home Depot will remain in the space until the close of 2013, giving us ample lead time to market to large users in this region and beyond.”
In the coming weeks, Liberty will market the property through Colliers International. David Bercu, Brian Kling and Charles Canale will handle the property on Liberty’s behalf.
Liberty currently owns 20 buildings in the region, with concentrations of property in the Aurora/I-88 submarket, the Minooka/Elwood/I-80 Corridor, as well as in Southeastern Wisconsin.