Developer is 'bullish' on Libertyville
While talk of recession persists, one developer has found a comfortable niche in a corner of Libertyville.
With nearly 1 million square feet of new distribution and warehouse space recently complete and some big-name tenants signed up, Rosemont-based McShane Corp. wants to expand in the village.
McShane is seeking approval to build the Liberty Point North Commerce Center on what is now 47 acres of farmland. The triangular parcel is north of Peterson Road between Harris Road and the Canadian National Railway tracks.
The company is proposing three buildings totaling about 700,000 square feet.
"We're very bullish on Lake County in general and specifically Libertyville," said Daniel Fogarty Jr., vice president. "You see the quality of clients that Lake County and Libertyville tend to land with Culligan and Medline."
Those are two major companies about to begin operations in the original Liberty Point Commerce Center south of Peterson Road. Three large, pre-cast concrete buildings in that development total nearly 1 million square feet.
McShane built a 600,000-square-foot distribution center specifically for Mundelein-based Medline Industries Inc. The medical supplies manufacturer expects to open by the end of February.
About a quarter of the space in the other two buildings has been leased since they were complete this summer. Culligan International Co. is finishing details of a quality control center, spanning 83,000 square feet.
"We have very good activity on those (buildings), a lot of inquires, a lot of showings," Fogarty said. "We're right on track with what we expected."
As with the southern portion, the northern part of the development is part of the holdings of the Meyer family, which has farmed in the area since 1847. A requirement of the application with the village also sets aside 2 acres for a future fire station. McShane has a contract to purchase the northern piece.
After years of speculation and negotiation, the new Lake County Fairgrounds is being built immediately to the west. Fogarty said that was not a factor in the decision to expand, however.
"I don't think that had a bearing on us either way. Development begets development and activity is good," he said.
Lake County's location between Chicago and Milwaukee is attractive to shippers, says Russell Medley, marketing and research director for Lake County Partners, the county's economic development arm.
"There is a lot of interest in this area for transportation, distribution-type businesses," he said. "That's been strong the last year and a half (to) two years. That was something that probably wasn't predicted five years ago."
The new commerce center would employ between 250 and 600, depending on the nature of the tenants, according to McShane's application, and would increase demand for retail services.
Review by Libertyville's plan commission is tentatively set for Feb. 25.