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Liberty Property Trust (LRY - Analyst Report), a real estate investment trust, recently acquired two distribution centers from Mirvac for approximately $60.0 million. The two distribution centers are located at Centerpoint Intermodal Center in Elwood, Illinois. The acquisition will enhance the company’s portfolio of industrial properties to 6.3 million square feet.
The centers are currently 36% leased totaling 1.2 million square feet. The acquired properties include a 1,022,554 square-feet facility spanning 48 acres and a 213,500 square-feet facility spanning 27 acres.
The acquisition marks the entry of Liberty Property in the inland port area of Illinois. This is one of the best locations for shipping and provides cost-effective connectivity with the Midwest. The two buildings are situated close to the BNSF Logistics Park-Chicago complex, which is the focal point of the entire Intermodal facility.
The acquisition is strategically important for the company as it is in close proximity to the company’s 3.5 million square feet warehouse and distribution park - Liberty Business Center in Minooka.
Liberty Property specifically focuses on metro-office, multi-tenant industrial and flex properties and markets possessing strong demographic and economic fundamentals, which ensure a steady revenue stream for the company.
Based in Pennsylvania, Liberty Property provides leasing, property management, development, construction management, design management, and related services for a portfolio of industrial and office properties.The company has a strong portfolio of multi-tenant industrial and office properties in prime business locations in the U.S. and U.K., and operates across multiple markets that enable mitigation of geographical risk.
Liberty Property currently retains a Zacks #4 Rank, which translates into a short-term Sell rating. We are also maintaining our long-term Underperform recommendation on the stock. One of its competitors, Duke Realty Corp. (DRE - Analyst Report) currently retains a Zacks #3 Rank, which translates into a short-term Hold rating
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