Midwest Industrial Funds recently held a groundbreaking ceremony with their project team and local government officials to kick off their latest high-profile, Class A spec redevelopment – Libertyville 45 Corporate Center. This center is located at 1850 US 45, Libertyville, IL, next to the Libertyville/Canlan Sports Complex. The 19-acre site, which is highly visible, will house a two-building redevelopment.
The buildings, measuring 169,065 SF and 165,234 SF, are being built on a speculative basis and can be used for various purposes including corporate headquarters, distribution, assembly, and manufacturing. The facilities, made of high-image pre-cast concrete and glass, feature a 32’ clear ceiling height, up to 24 dock positions per building, above-standard 372 car parking, and up to 4,000 amps of power per building. The buildings can be divided and will be shell complete in Summer 2024. The site was formerly a driving range and miniature golf facility owned and operated by the Village of Libertyville.
MIF Construction, LLC is the design-build general contractor for the project, with Pinnacle Engineering and Partners in Design providing engineering and design services. The Cushman & Wakefield team of Keith Puritz, Brett Kroner, Eric Fischer, and Marc Samuels are marketing the buildings for lease or sale on behalf of Midwest Industrial Funds.
Justin Fierz, Principal with Midwest Industrial Funds, expressed his excitement about the project, citing the historically low submarket vacancy, supply constraints, and continued strong demand for buildings in this size range in Lake County. He highlighted the property’s incredible exposure, visibility, and high image feel.
He noted that the property is located in the heart of Libertyville’s industrial market, which is home to some very high-profile and large companies. He praised the public/private partnership with the village over the last few years to work through many complex development issues, leading to the official groundbreaking. He acknowledged the challenges of developing and financing projects like this and expressed pride in his team’s ability to get it done. He expressed optimism about the timing of this project in the marketplace and the strong pre-leasing activity.
Libertyville Mayor Donna Johnson, who spoke at the groundbreaking event, expressed her excitement about the Libertyville 45 Corporate Center. She noted the project quality, its proximity to recognized industrial, biopharma, finance, and corporate operations, and the skilled labor force in proximity, and predicted that this development is poised to find success in occupancy. She expressed her anticipation for this expansion of their business base.
Steve Madden, CEO of Libertyville Bank & Trust Company, N.A., and Chair of the Lake County Partners Board of Governors, shared this enthusiasm. He noted that Libertyville is located at the intersection of critical transportation infrastructure and that this site is at the center of its world-class talent pool. He praised the project as an excellent example of the public-private collaboration for which Lake County is known and expressed eagerness to help new employers tap into all that their community offers.
