Dermody Properties, a national private equity real estate investment, development and management company focused exclusively on the logistics real estate sector, has acquired a logistics building at 1501 Harris Road in Libertyville.
The building was constructed in 2007 on a 35-acre property situated along Interstate-94 at the intersection of Peterson and Midlothian roads in the Lake County submarket. The Lake County submarket is part of the larger Midwest Region, between downtown Chicago and Milwaukee.
A cross-dock facility that boasts 596,616 square feet of logistics space, 1501 Harris features a 37-foot clear height, two drive-in doors, 112 exterior loading docks, 82 trailer parking stalls, 192 auto parking spaces, an ESFR fire protection system and 15,000 square feet of office space.
“One of the many advantages of this property is that it’s hard to find a large building so close to the Chicago population base,” said Elizabeth Kauchak, Chief Operating Officer at Dermody Properties. “1501 Harris Road is an asset ideal for our e-commerce, distribution and warehouse customers, offering the ability to reach local, regional, and national markets.”
The property is currently occupied but will be available for lease in the first quarter, 2022. Keith Puritz, Brett Kroner and Eric Fischer of Cushman & Wakefield will represent Dermody Properties in the releasing of the project.
“As perhaps the nation’s most diverse economy, Chicago offers a highly desirable business environment,” said Timothy Walsh, Partner and Chief Investment Officer at Dermody Properties. “We are pleased to have a facility like this one in our portfolio, that appeals to diverse industries.”
About Dermody Properties
Dermody Properties is a privately-owned real estate investment, development and management firm that specializes in the acquisition and development of logistics real estate in strategic locations for e-commerce fulfillment centers, third-party logistics and distribution customers. Founded in 1960, Dermody Properties has invested in more than 89 million square feet of logistics space. In addition to its regional office and company headquarters in Reno, Nev., Dermody Properties has regional offices in northern and southern California, Atlanta, Phoenix, Seattle, Chicago and New Jersey. For more information visit www.Dermody.com.