BATAVIA, IL-Alcan Inc. has renewed its lease on 144,000 sf at 101-21 Raddant Rd., a property owned by Liberty Property Trust since 2003. The Malvern, PA-based REIT, which has an industrial portfolio of 2.2 million sf in the Chicago and Milwaukee markets, bought the 279,844-sf building in the Batavia Industrial Center for $5.8 million in 2003.
Including 101 Raddant Rd., Liberty Property Trust owns five buildings totaling 830,000 sf in the Batavia Industrial Center. Other holdings there include 1070 Swanson Dr., 2453 Prospect Dr., 506 Kingsland Dr. and 900 Douglas Dr. The building on Raddant Road is the largest of Liberty Property Trust's Batavia assets, which are 100% leased.
Although terms were not disclosed, Liberty Property Trust gets an average of $4.03 per sf on leases on its Chicago holdings. Vacancy in the Chicago portfolio was 9.3% at the end of the third quarter, according to Liberty Property Trust's most recent earnings report.
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