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Liberty Property (LPT) Announces New Lease at Shopton Ridge

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Liberty Property Trust’s (LPT - Free Report) distribution facilities are witnessing decent demand from new tenants. Recently, this real estate investment trust (REIT) signed a new lease with TricorBraun to rent 124,740 square feet of space at its 3923 Shutterfly Road-facility in Shopton Ridge Business Park, Charlotte.

The building at 3923 Shutterfly Road is one of Liberty’s properties in Shopton Ridge. The company’s portfolio at the business park consists of seven buildings, spanning 1,060,898 square feet of space. TricorBraun is slated to occupy the space in the third quarter.

Construction at this 158,760-square-foot distribution facility, which is scheduled to open in late June,  began in February. The class A, LEED® certified building will be one of the two Liberty buildings in the market with 36-foot clear heights, 54-by-50-foot column spacing and 210-foot depth. Further, other amenities like 60-foot speed bays, rear loading, car parking and energy-efficient lighting enhance the property, and will likely drive demand. The building is already 78% leased.

Per TricorBraun, the spacing dimensions of the building will help the packaging company efficiently store products. In addition, the LEED certification highlights sustainability in operations.

Notably, Shopton Ridge is located near the Charlotte Douglas International Airport and the Norfolk-Southern Intermodal. It is well connected to I-485, I-77 and I-85. Hence, the strategic location of the property offers easy access to its tenants. 

Amid high demand for industrial space, the company’s focus on industrial space bodes well. In fact, the industrial real estate market has been experiencing elevated demand and solid rent growth on the back of an e-commerce boom and supply-chain strategy transformations.

This is offering significant impetus to industrial REITs like Prologis, Inc. (PLD - Free Report) , Duke Realty Corp. (DRE - Free Report) and DCT Industrial Trust to flourish. Banking on its premium quality industrial portfolio in key markets, Liberty is able to attract high-quality tenants like TricorBraun.

This Zacks Rank #3 (Hold) stock has outperformed the industry it belongs to, over the past three months. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

In fact, the company’s shares have logged in a gain of 13.1% compared with 9.4% growth recorded by the industry.

 

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