Eden Prairie, MN – February 14, 2017 - Liberty Property Trust today announced that it has signed three leases agreements totaling 327,124 square feet in the fourth quarter of 2016. Two of the leases bring Dayton Distribution Center I to 92% occupancy.
"The Minneapolis Metro saw strong activity throughout the second half of last year," said Neal Driscoll vice president, market officer. "With vacancy rates at an all-time low in the area, having quality product available is a major advantage."
At Dayton Distribution Center I, Spears Manufacturing Company will occupy 142,680 square feet and King Solutions, Incorporated will relocate into 84,837 square feet of space. The building, located at 11020 Holly Lane North in Dayton, will welcome both tenants this spring. Completed in 2015, the 247,004 square foot Class A industrial building offers 32' clear heights and easy access to I-94.
In addition, Graco Inc. will expand into 99,607 square feet at 13220 Wilfred Lane North in Diamond Lake Distribution Center this spring following the relocation of King Solutions. Built in 2014, the building offers a total of 227,054 square feet featuring 32' clear heights and easy access to I-94.
Driscoll, who manages Liberty's Illinois/Wisconsin portfolio, was recently tapped to oversee the Minnesota region as well.
"This is an exciting time to be in industrial real estate in the Midwest," said Driscoll. "New buildings that offer higher clear heights and easy access to major highways are especially desirable. Coupled with a strong workforce, these high quality available properties make cities such as Minneapolis very attractive to companies looking to grow."
In his expanded role, Driscoll is now responsible for a significant portion of the company's holdings in the Midwest. Changes in Driscoll's team include a promotion for Adam Bray who as leasing representative is now responsible for leasing the Minnesota portfolio which comprises more than two million square feet of mainly Class A industrial properties with a smaller percentage of flex and office.
About Liberty Property Trust
Liberty Property Trust (NYSE:LPT) is a leader in commercial real estate, serving customers in the United States and United Kingdom through the development, acquisition, ownership and management of superior office and industrial properties. Liberty's 96 million square foot portfolio includes more than 566 properties which provide office, distribution and light manufacturing facilities to 1,200 tenants.
General Inquiries: Neal Driscoll, Liberty Property Trust, 847.264.2120
Media Contact: Jen Meyer, a.s.a.p.r., 201.914.9957