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Liberty Property to Develop Project in South California
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Liberty Property Trust recently announced that it will develop a 156,263 square foot industrial building at 9724 Alabama Street in Redlands, CA. The move comes as need for buildings of such size remains high in the market.
Situated at the corners of the Alabama Street and San Bernardino Avenue, the building would include office and finished mezzanine space. Moreover, with access to the I-10, I-210 and I-215 Freeways, the property is likely to witness healthy demand from tenants.
Further, the company already enjoys decent presence in Southern California, owning buildings in Garden Grove, Hawthorne, Moreno Valley, Ontario, Rialto, San Fernando and Simi Valley. In fact, the latest property would mark its 11th industrial building in its Southern California portfolio.
Notably, demand for industrial space is high in the market and, over the last four years, the company acquired over two million square feet of industrial space. Its recent lease in Fontana helped the company’s portfolio to achieve full occupancy. Particularly, last year, the company recorded solid demand for industrial space, sized from 100,000 to 500,000 square feet, and anticipates this trend to continue in 2017 as well.
Amid economic expansion, e-commerce boom and heightened urbanization, companies are shifting their strategy toward services like same-day delivery and other such options, propelling demand for warehouse distribution facilities. In addition, with a wider customer base, companies are opting for supply-chain consolidation, resulting in greater demand for logistics infrastructure and efficient distribution networks.
This is opening up opportunities for industrial REITs like Prologis Inc. (PLD - Free Report) , DCT Industrial Trust Inc. and Liberty Property. On the other hand, with considerably limited supply, growth in rent has been strong in most industrial markets in recent quarters.
Going by numbers, per a study by the commercial real estate services’ firm – CBRE Group Inc. – availability for the U.S. industrial market fell for 26 straight quarters to 8.2% in fourth-quarter 2016.
Moreover, according to a report published by Prologis earlier this March, rent growth in the industrial sector remained solid globally. In fact, rental rates for global logistics real estate increased 4% in 2016. Additionally, the market rent growth in 2016 was led by the U.S., which climbed 5%. Particularly, key coastal markets closer to large consumption centers outperformed all other U.S. markets by over 150 basis points (bps).
Currently, Liberty Property carries a Zacks Rank #3 (Hold). Prologis and DCT Industrial also carry the same rank as Liberty Property.
Moreover, over the past one year, shares of Liberty Property outperformed the Zacks categorized REIT and Equity Trust – Other industry, delivering a return of 16.4% compared with 2.9% of that of the industry.
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Liberty Property to Develop Project in South California
Liberty Property Trust recently announced that it will develop a 156,263 square foot industrial building at 9724 Alabama Street in Redlands, CA. The move comes as need for buildings of such size remains high in the market.
Situated at the corners of the Alabama Street and San Bernardino Avenue, the building would include office and finished mezzanine space. Moreover, with access to the I-10, I-210 and I-215 Freeways, the property is likely to witness healthy demand from tenants.
Further, the company already enjoys decent presence in Southern California, owning buildings in Garden Grove, Hawthorne, Moreno Valley, Ontario, Rialto, San Fernando and Simi Valley. In fact, the latest property would mark its 11th industrial building in its Southern California portfolio.
Notably, demand for industrial space is high in the market and, over the last four years, the company acquired over two million square feet of industrial space. Its recent lease in Fontana helped the company’s portfolio to achieve full occupancy. Particularly, last year, the company recorded solid demand for industrial space, sized from 100,000 to 500,000 square feet, and anticipates this trend to continue in 2017 as well.
Amid economic expansion, e-commerce boom and heightened urbanization, companies are shifting their strategy toward services like same-day delivery and other such options, propelling demand for warehouse distribution facilities. In addition, with a wider customer base, companies are opting for supply-chain consolidation, resulting in greater demand for logistics infrastructure and efficient distribution networks.
This is opening up opportunities for industrial REITs like Prologis Inc. (PLD - Free Report) , DCT Industrial Trust Inc. and Liberty Property. On the other hand, with considerably limited supply, growth in rent has been strong in most industrial markets in recent quarters.
Going by numbers, per a study by the commercial real estate services’ firm – CBRE Group Inc. – availability for the U.S. industrial market fell for 26 straight quarters to 8.2% in fourth-quarter 2016.
Moreover, according to a report published by Prologis earlier this March, rent growth in the industrial sector remained solid globally. In fact, rental rates for global logistics real estate increased 4% in 2016. Additionally, the market rent growth in 2016 was led by the U.S., which climbed 5%. Particularly, key coastal markets closer to large consumption centers outperformed all other U.S. markets by over 150 basis points (bps).
Currently, Liberty Property carries a Zacks Rank #3 (Hold). Prologis and DCT Industrial also carry the same rank as Liberty Property.
Moreover, over the past one year, shares of Liberty Property outperformed the Zacks categorized REIT and Equity Trust – Other industry, delivering a return of 16.4% compared with 2.9% of that of the industry.
More Stock News: 8 Companies Verge on Apple-Like Run
Did you miss Apple's 9X stock explosion after they launched their iPhone in 2007? Now 2017 looks to be a pivotal year to get in on another emerging technology expected to rock the market. Demand could soar from almost nothing to $42 billion by 2025. Reports suggest it could save 10 million lives per decade which could in turn save $200 billion in U.S. healthcare costs.
A bonus Zacks Special Report names this breakthrough and the 8 best stocks to exploit it. Like Apple in 2007, these companies are already strong and coiling for potential mega-gains. Click to see them right now >>