Liberty Property Trust has signed leases totaling 167,482 square feet in the fourth quarter of 2014. Development of three speculative industrial buildings is on schedule: Oak Creek, WI (171,114 SF) is substantially complete as of December 31, 2014 and north aurora and Des Plaines locations (429,756 SF and 235,784 SF, respectively) are set to finish in the first half of 2015.
“We are pleased to have ended the fourth quarter on the upswing,” said Neal Driscoll, vice president of leasing and development, liberty Property Trust. “As vacancies fall in most Chicago submarkets, we anticipate that demand will continue to grow steadily in 2015. Liberty is in a good position to capitalize on this trend, with our speculative buildings coming to completion early this year. We are already experiencing a high volume of qualified, highly interested tenants for these properties and in some cases have deals in progress.”
Liberty’s fourth quarter deals:
- Ecolab expanded their operations by taking an additional 124,552 square feet at 3501 Corporate Drive, Joliet.
- A new lease was signed with Dixon Valve & Coupling Company for 30,252 square feet at 1011 North Hilltop, Itasca. Justin Lerner and Joe Karmin of Transwestern represented the tenant. Jeff Janda and Jeff Galante of lee & Associates represented the landlord.
- ALFA Textiles renewed 12,678 square feet at 869 S. Route 53 in Addison.
Liberty’s speculative development on track:
- Liberty Corporate Preserve III, 10020 S. Reinhart Drive, Oak Creek, WI is substantially complete as of December 31, 2014. Steve Sewart and Pat Hake of Colliers International are representing Liberty in leasing this 171,114 square foot Class A industrial building.
- Liberty Business center North aurora, 300 N. Mitchell Road, North aurora a 429,756 square foot building with 36′ clear heights is on schedule for completion in February 2015. James Estus and Jeffrey Kapcheck of Colliers International are representing Liberty.
- Liberty Business Center Des Plaines, 333 Howard Avenue a 235,784 square feet Class A warehouse facility located less than one mile from O’Hare International Airport north cargo entrance will be completed in may 2015. Britt Casey and Chris Lyndon of Cushman & Wakefield are representing Liberty.