Will Meyer Farm sale spark growth spurt?
The flat, open landscape along Peterson Road in central Lake County is beginning to change, and the recent sale of the long-dormant Meyer Farm is fueling a positive vibe for other property holders in the corridor.
In December, after years on the market, the 63-acre property on the north side of Peterson Road and on either side of Harris Road west of Route 45 in Libertyville was sold with the intent of creating an industrial park.
According to Fremont Township records, parcels of about 17 and 46 acres were sold by representatives of the Meyer family trust to Northbrook Properties Inc., of Northbrook. The $2.75 million sale could become a trigger in the planned development of the corridor as a job center.
The transaction is of particular interest to the Lake County Fairgrounds, which relocated from its site at routes 120 and 45 in Grayslake after 50 years and, in 2009, opened new facilities just to the west of the Meyer properties.
The move included land not designated for fair use, and the fairgrounds owns parcels of 18 and 22 acres north of Peterson and east and west of Midlothian Road, respectively. The intent is to use proceeds of the sales of those properties to fund fair amenities, but nothing has happened yet.
Fair officials regard the Meyer sale as good news.
"Any real estate transaction or activity along the Peterson Road corridor is helpful to us," said Matt Robertson, fairgrounds general manager. Robertson said the activity would "shine a light" on what the fairgrounds have to offer.
But the lack of activity apparently prompted the fairgrounds to change real estate companies. A switch is expected to be made by the end of the month.
"It ran its course and the contract was up for renewal," Robertson said. "Sometimes you just want to get a fresh pair of eyes on the situation."
Fair officials say there is nothing specific on the wish list the money from a land sale would fund.
"Any proceeds from the sale would be reinvested into the fairgrounds operation," Robertson said.
Grayslake's long-range plan envisions a mix of nonresidential uses along Peterson Road. The fairgrounds property is zoned for general business, which means retail or office but no major industrial uses, according to Grayslake Zoning Officer Kirk Smith.
The new fairgrounds have been beset by a variety of issues that have precluded them from being finished as originally envisioned. Improvements gradually are being made, such as the ornamental brick electronic entry sign installed last summer.
Jon Brodzik Jr., president of the Lake County Fair board of directors, said directors will determine how to proceed once a sale is imminent.
"There are hundreds of things we'd like to do. It's just a matter of which one makes sense," he said.
"My focus right now is getting everything aligned and set up for the (annual Lake County) fair."
The Meyer Farm sale and pending opening of the 100-door SAIA freight terminal, at the former Roppelt Farm south of Peterson at Midlothian Road, show what the vision of the corridor as a commercial center may be igniting.
To that end, Lake County has invested tens of millions of dollars widening Peterson Road and making other improvements as it becomes Route 137 and provides a straight shot to the Tri-State Tollway. A renewed push for a Route 53 extension, which would run through the area, also has contributed to renewed interest.
Vast open tracts, including the huge $750 million Cornerstone development proposed years ago for 641 acres on either side of Allegheny Road, remain in play.
A portion of the Meyer Farm south of Peterson has been developed over the years with distribution facilities, including Medline Industries as a major employer.
But the northern part has remained empty. Libertyville officials in 2006 approved plans for light manufacturing and distribution uses for the 63-acre portion north of Peterson, which then was described as a $50 million to $60 million development.
"It is a big deal," Village Administrator Kevin Bowens said at the time.
Toronto-based Avison Young brokered the recent Meyer sale and also has been retained to market the property for industrial development. The Meyer Farm and another piece to the north are on Libertyville's western edge and are the last large open spaces in town available for this type of development. As yet, no applications for specific uses have been filed with the village.
Avison Young recently sold a large, long-vacant industrial building east of the Meyer Farm at Route 45 and Peterson Road to BCI Acrylic Bath Systems, which is expected to use it as a national training facility. The company also represented All American Containers in leasing of 52,000 square feet at 851 E. Park Ave. (Route 176) in Libertyville, in a new speculative building.
Observers say vacant industrial spaces have been filling up, leading to opportunities for new ventures.
"Outside of southeast Wisconsin, land has been slow to move, primarily because of enough quality buildings on the market for lease or sale, and due to a similar supply of new speculative buildings. Both scenarios are playing out in Lake County," said Keith Puritz, principal with Avison Young.