Liberty Property Trust has renewed leases with five tenants totaling 277,495 square feet of industrial space. The tenants are all located in buildings acquired when Liberty purchased a major industrial portfolio earlier this fall.
“When we completed the purchase of Cabot Industrial Value Fund III in October, 3.2 million of the 23 million-square-foot portfolio was located in the greater Chicago market. This provided us with a terrific opportunity to expand our footprint,” said Don Schoenheider, vice president and city manager for Liberty’s Illinois region. “It’s been an exciting couple of months as we have gotten to know our newest tenants. Their renewals are very encouraging and we look forward to working with each for many years to come.”
The largest of the five agreements was with MSC Industrial Direct for 181,635 square feet in Hanover Park. The building, in northern DuPage County, is located near two buildings Liberty purchased last month.
“Part of our strategy has been to reach greater depth in DuPage County, as it is an excellent logistics market,” Schoenheider said. “With recent acquisitions we now have more than a dozen buildings there that broaden our property mix; a fact we see as an extremely important differentiator heading into 2014.”
The other four new leases renewed this month include agreements with Tactical Lighting Systems in Addison; EZ Mailing Services Inc. in Bensenville; Tri-Fin LLC in Itasca, and Perfection Servo Hydraulics in Batavia.
Today, Liberty is one of the largest industrial owners in Chicago. The company 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.