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Liberty Property Trust Begins 2018 with Momentum in Charlotte

New Development and Leasing Build on 2017 Successes

Charlotte, NC – February 21, 2018 – Liberty Property Trust today announced that it has broken ground on another Class A, industrial building at Shopton Ridge Business Park. The company plans to deliver the 158,760 square foot building at 3923 Shutterfly Road, for which it is pursuing LEED® certification, in June.

The company also announced it completed four new leases in the Charlotte market during the last two months, absorbing a total of 210,760 square feet of space. 

The largest lease was with City Electric Supply Company, which took 158,760 square feet – about 75% - of the newly-completed 3929 Shutterfly Road, the slightly-larger sister building in Shopton Ridge. Liberty is pursuing LEED certification for this building as well. Approximately 45,360 square feet of space remains available for lease in the building.

"We have come quickly out of the gate this quarter in great part because velocity in the market was terrific in 2017," said Massie Flippin, vice president and market officer for the Mid-Atlantic. "Given the strength of the Charlotte industrial market, we are growing our portfolio with the completion of Shopton Ridge Business Park and continue to seek opportunities to provide state-of-the-art buildings to the region."

Shopton Ridge – First 36' Clear Heights in Charlotte
When 3923 Shutterfly is complete in June, Liberty's Shopton Ridge project will offer a total of 1,060,898 square feet across the seven buildings.  The two newest buildings at 3923 and 3929 Shutterfly Road are the first in the market to feature 36-foot clear heights and 54-by-50-foot column spacing, and both offer 210-foot depth, 60-foot speed bays, rear loading, trailer parking, and energy-efficient lighting.  

According to Flippin, the buildings are very efficient. By raising the roof and widening the aisles, tenants can increase cubic storage volume by as much as 25 percent on the same footprint as a building with a lower clear height.

Shopton Ridge is located just south of Charlotte Douglas International Airport and the Norfolk-Southern Intermodal. It is within easy access of I-485, I-77 and I-85.  The development team includes Dishner Moore Architects, civil engineering firm Burton Engineering, and general contractor Landmark Builders. 

Activity in Charlotte 
In addition to the lease with City Electric Supply Company, Liberty also recently completed three leases and a renewal, all at Crosspoint Center:
  • Express Oil Change & Tire Engineers for 16,000 square feet at 2700 Hutchison McDonald Road. Patrick McGrath and Andrew DeLamielleure of Cushman and Wakefield represented the tenant. 
  • JLM Wholesale, Inc. leased 24,000 square feet at 2801 Hutchison McDonald Drive. Cameron Rogers with Rubicon Representation represented the tenant. 
  • Another tenant leased 12,000 square feet of space at 2701 Hutchison McDonald Drive. Drew Coholan of JLL represented the tenant. 
  • During the fourth quarter of 2017, Liberty completed its largest renewal of the year for 199,200 square feet at 2730 Hutchinson McDonald Road with The Sygma Network. The Sygma Network was represented by Pete Pittroff and Spencer Yorke at JLL. 
Liberty was represented by Bryan Blythe in all the transactions.

Liberty Carolinas Region Leases Two Million Square Feet in 2017
During 2017, Liberty leased a total of 2,068,567 square feet of space in the Carolinas region, which includes Charlotte, the Piedmont Triad, and Raleigh-Durham in North Carolina, and Greenville and Greer in South Carolina. The overall portfolio was 95% leased at the end of 2017. Overall, Liberty owns and manages more than 8.9 million square feet of industrial space in the Carolinas. 

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 industrial and office properties. Liberty's 100 million square foot portfolio includes 561 properties which provide office, distribution and light manufacturing facilities to 1,200 tenants.  

General Inquiries: Bryan Blythe, Liberty Property Trust, 704.426.8000
Media Contact: Robbie Tarpley Raffish, a.s.a.p.r., 443.944.9301