Yahoo Finance Liberty Property Signs New Lease to Achieve Full Occupancy
Liberty Property Trust’s LPT industrial properties have been experiencing encouraging demand for its properties amid the recovering economy and e-commerce boom.
Recently, the company announced securing a long-term lease with Koops, Inc., for 45,600 square feet of space, at the Brookfield South Business Park in Mauldin, SC. The tenant is expected to occupy the space this June.
Encouragingly, the deal is significant as it has enabled Liberty Property to achieve 100% occupancy for all four of its buildings in the park spanning 320,400 square feet of space.
The Brookfield Business Park is well positioned near I-385 and I-85, southeast of the city of Greenville. The strategic location of the property has enabled the property to enjoy high occupancy levels.
In fact, the company’s industrial portfolio, spanning 94.4 million square feet of area, enjoyed solid occupancy of 96.7% at the end of the first quarter. Moreover, industrial rents escalated 12.4% on retained and replacement leases commenced during the quarter.
Notably, the company has been making concerted attempts to fortify its national industrial portfolio on the back of strategic acquisitions and developments in key markets. It recently acquired a 28-acre industrial development site in Dania Beach, Broward County, FL, for nearly $14 million. (Read more: Liberty Property Acquires Industrial Land for $14M)
Liberty Property’s focus on industrial properties and sites bodes well amid e-commerce boom and supply-chain strategy transformations witnessed by the industrial markets. In fact, the industrial real estate market has been experiencing elevated demand, rent growth and solid occupancy levels in key markets. This is offering significant impetus to industrial REITs like Prologis, Inc. PLD, Duke Realty Corp. DRE and DCT Industrial Trust DCT to flourish. With a premium quality industrial portfolio, as well as strategic acquisitions, the company is poised to shine, moving ahead.
Shares of this Zacks Rank #3 (Hold) company have outperformed the industry it belongs to, year to date. In fact, the company’s shares have logged in a gain of 2.8% against the 3.1% decline of the industry.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Prologis, Inc. (PLD) : Free Stock Analysis Report
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