LIBERTYVILLE, IL-A joint venture between McShane and MetLife has broken ground on the final two facilities of the three-building Liberty Point Corporate Center, an industrial corporate park at Peterson and Midlothian roads. The two buildings, which will cost up to $25 million, are speculative facilities totaling more than 359,000 sf on a 25-acre site.
The first to be constructed will be Liberty Point Corporate Center II, a 217,620-sf building that will accommodate users from 40,000 sf and larger for a variety of industrial uses. The second speculative facility, Liberty Point Corporate Center III, will be concurrently developed as a 142,290-sf industrial facility that is divisible to 20,000 sf.
Joe Llamas, senior development manager for McShane, tells GlobeSt.com that there's been a great deal of interest for the buildings. "We've not signed any deals yet," he says. "I would expect that by February or March that we will have inked our first deal." He says the company is looking at lease rates of about $5.35 per sf for the building with smaller spaces, and $5.50 for the larger building. The facilities will be complete by summer.
Llamas says the two properties are indicative of the market area of Lake County, normally not considered a bulk market, as opposed to the 596,712-sf Liberty Point Corporate Center I, a build-to-suit development sold by McShane to the Medline Industries Inc. in the third quarter. "We were surprised ourselves of the Medline deal," says vice president Tony Pricco.
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