ROMEOVILLE, IL—Liberty Property Trust has acquired a 723,290-sq.-ft. industrial building, to be vacated by Home Depot a year from now, in the Interstate 55 market for a reported $33.7 million.

The building at 1070 Windham Parkway was acquired from an institutional owner. This is the first acquisition in the I-55 submarket for the Malvern, Pa.-based company, which owns and manages more than 7.7 million sq. ft. of industrial space in 20 buildings in the greater Chicago-Milwaukee Corridor.

Don Schoenheider, vice president and city manager for Liberty in the market, said in a statement that demand is rising and supply is dropping for large industrial spaces across the region. “Home Depot will remain in the space until the close of 2013, giving us ample lead time to market to large users in this region and beyond."

Jeff Devine and Steve Disse with Colliers International represented the seller in the transaction. Liberty will market the property through Colliers International. David Bercu, Brian Kling, and Charles Canale will handle the property on Liberty's behalf.