"This is our third speculative building in three years, andwe've leased both of the other ones prior to their completion,"says Donald Schoenheider, VP and city manager with Liberty. "Theaccess to Interstate 88 is very good, and we're right on a four-wayinterchange. Tenants have access to a well-priced labor base."

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Liberty owns five of the eight existing buildings in thedevelopment, having built four and bought one. The existingbuildings range in size from around 200,000 sf to 700,000 sf.Asking lease rates in the complex are around $3.95 per foot, net,Schoenheider says.

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The business center is located in the far west Fox Valleysubmarket, according to Schoenheider. "The market has been ratherstable," he tells GlobeSt.com. "Our vacancy levels are lower thanthe submarket vacancy rate, which is below 10%. Activity hasmaintained a level pitch and it's been relatively busy throughoutthe summer."

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Schoenheider says the new building has been designed toaccommodate up to four tenants, but that Liberty would prefer tolease the building to one or two. He says there has already beeninterest from tenants in the new building, but would not discloseany names. The new facility is expected to be completed in thesecond quarter of 2009.

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Schoenheider says the new building will offer higher ceilingsand more truck docks and parking than some older facilities in thearea. The facility was also designed to meet LEED standards,Schoenheider says.

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Liberty owns one more site in the business center, whichSchoenheider says the company expects to develop into a 200,000-sfbuilding sometime next year. He says the company has been indiscussion with several possible tenants interested in the space,and that they may consider a build-to-suit arrangement. Also, innearby North Aurora, Liberty has recently purchased 119 acres,which it plans to eventually develop into three buildings offeringanother 1.5 million sf of industrial.

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