MALVERN, Pa., Sept. 10, 2014 /PRNewswire/ -- Liberty Property Trust announced that the company has begun development of eight industrial projects totaling 2.2 million square feet thus far in the third quarter. The starts represent a projected total investment of $150 million. Liberty also announced two large leases totaling 1.2 million square feet in industrial properties in Pennsylvania.
Third Quarter Industrial Development Starts
- 11835 Newgate Boulevard, Hagerstown, MD, a 615,600 square foot distribution facility, 100% pre-leased.
- 140 Caliber Ridge, Greer, SC, a 156,000 square foot distribution building for Bosch Security Systems, which will lease the entire building.
- 120 Caliber Ridge, Greer, SC. Pilot Freight had signed a lease for 41,600 square feet of this 156,000 square foot multi-tenant industrial building.
- 10020 South Reinhart Drive, Oak Creek, WI, a 171,114 square foot multi-tenant industrial building.
- 333 Howard Street, Des Plaines, IL, a 235,781 square foot distribution building.
- Miami International Tradeport Building B, Medley, FL, a 147,840 square foot multi-tenant industrial building.
- 11000 Holly Lane, Dayton, MN, a 247,000 square foot multi-tenant industrial building.
- 300 North Mitchell Road, North Aurora, IL, a 429,756 square foot distribution building. This project is being developed by a joint venture in which Liberty holds a 25 percent interest.
Significant Industrial Leases Signed
- Online retailer zulily, inc. has signed a long-term lease for the entirety of 10 Emery Street, an 800,000 square foot distribution building in Bethlehem, PA on which construction commenced during the second quarter. The lease is expected to commence first quarter 2015.
- Liberty has leased the remaining 421,200 square feet of space at 40 Logistics Drive, Carlisle PA, to fine chocolate manufacturer, Lindt and Sprungli (USA), Inc. The lease is expected to commence first quarter 2015.
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 103 million square foot portfolio includes more than 750 properties which provide office, distribution and light manufacturing facilities to 1,800 tenants.
The statements contained in this press release may include forward-looking statements within the meaning of the federal securities law. Although Liberty believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. As forward-looking statements, these statements involve risks, uncertainties and other factors that could cause actual results to differ materially from the expected results. These factors include, without limitation, the uncertainties affecting real estate businesses generally (such as entry into new leases, renewals of leases and dependence on tenants' business operations), risks relating to our ability to maintain and increase property occupancy and rental rates, the financial condition of tenants, the uncertainties of real estate development and construction activity, the costs and availability of financing, the effects of local economic and market conditions, regulatory changes, potential liability relative to environmental matters and other risks and uncertainties detailed in the company's filings with the Securities and Exchange Commission. The company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
SOURCE Liberty Property Trust
Jeanne Leonard, Liberty Property Trust, 610.648.1704