Leasing momentum continues at Piedmont Triad as Liberty Property Trust (LPT - Free Report) inks two deals at Eagle Hill in High Point, making the park fully occupied.
The company has signed a new lease and an expansion lease deal at the park. In fact, On Services-AV Specialists, Inc is set to occupy 24,000 square feet of space at 4183 Eagle Hill Drive this month.
Further, Inmark, LLC has expanded its lease for an additional 24,000 square feet of space at the same property. With this, the company will occupy a total of 53,578 square feet of space.
At the Eagle Hill park, Liberty owns and manages 446,000 square feet of space across four properties. Further, the property, 4183 Eagle Hill Drive, at which the company has signed the leases, spans 96,000 square feet. Its features include 28-foot clear height, an ESFR sprinkler system and rear loading docks.
Management believes Eagle Hill continues to enjoy high demand from companies on the lookout for easy inter-state access, as the property provides convenient connectivity to interstates 40, 85 and 73 as well as Highway 68. In fact, a strong labor pool, transportation ease and modern industrial facilities are spurring demand for space in the Triad.
Notably, strengths in the industrial real estate market drove Liberty Property’s third-quarter results. In fact, during the quarter, the company accomplished lease deals for 6.2 million square feet of space for its industrial portfolio, while rents increased 5.4% on a cash basis.
Additionally, in late October, Liberty Property entered into a definitive merger agreement with Prologis, Inc. (PLD - Free Report) , to be acquired by the latter in an all-stock transaction, valued at roughly $12.6 billion, including the assumption of debt. The deal, anticipated to close in first-quarter 2020, will likely create immediate cost synergies of nearly $120 million.
Amid these positives, the company’s stock has rallied 27.2%, outperforming its industry’s growth of 4.2%, over the past six months.
However, supply is likely to increase in the upcoming quarters and affect growth tempo of this real estate category to some extent.
Liberty Property currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Duke Realty Corporation (DRE - Free Report) currently carries a Zacks Rank of 2 (Buy). The Zacks Consensus Estimate for the ongoing year’s funds from operations (FFO) per share has been revised marginally upward to $1.44 over the past week.
Healthcare Realty Trust Incorporated (HR - Free Report) holds a Zacks Rank of 2, at present. The company’s FFO per share estimate for 2019 moved 1.2% north to $1.60 over the past 30 days.
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