Liberty To Open First Two at 30-Acre Biz Park

Neal Driscoll, director of leasing and development for the company, says his firm had originally bought the 30 acres on South 27th Street, just south of Ryan Road, to build a few flex-office properties. However, the company learned that a 275,000-sf Wheaton Franciscan Health Center was opening nearby. "We knew we could grab the attention of doctor groups that want to be near the hospital, but can't have offices there because of non-compete clauses," Driscoll tells GlobeSt.com. He says the site also benefits from easy access to Interstate 94, and is a successful buffer between heavy industrial in South Branch Park and more residential property on the other side of Oak Creek.

SupplementWarehouse.com has leased 37,500 sf at the industrial building, at 2440 W. Corporate Preserve Dr. The space will be divided into 7,500 sf of showroom, 4,000 sf of office space and 26,000 sf of warehouse space.

The asking lease rate for the two buildings is $10 per sf for office, and $5 per sf for warehouse, Driscoll says. Depending on how the first warehouse leases up, the company will build either a 170,000-sf distribution facility, or two 70,000 sf warehouse properties similar to the one opening in June, he says. There will also be two outlet sites that could have small retail buildings, he says.

There are no tenants yet for the office building, but Driscoll says he's not worried. "The market is a bit slow for office, but the hospital opened just two weeks ago. I'm confident as this continues to ramp up, we'll get some activity. We've already spoken with some of the groups, and they've shown their interest." Liberty, based in Malvern, PA, owns and manages more than 2.5 million sf of office and industrial space in Wisconsin.