EDEN PRAIRIE, MN – MAY 30, 2012 - Liberty Property Trust (NYSE:LRY) today announced that it will soon break ground on a 227,000 square foot multi-tenant industrial building at Liberty Industrial Park at Diamond Lake in Rogers, MN. The speculative building will be located on 13 acres at 13320 Wilfred Lane North on a section of the 55-acre parcel the company bought in 2011.
Liberty plans to break ground in June and have the project completed by the end of the year. The building, designed to meet LEED certification, represents an investment by Liberty of approximately $14 million.
"Absorption in the Northwest market has created a shortage of larger blocks of quality space," said Dave Jellison, senior vice president and city manager for Liberty in the Minnesota region. "We are fortunate to have the land and opportunity to create quick inventory to accommodate this demand."
The building will have four distinct entrances, 32' clear height, 54' x 40' column spacing and highly desirable 60' deep column-free speed bays. The warehouse will have 27 dock doors, two drive-in doors and clearstory windows to allow natural light into the space.
"This will be a Class A building in the truest sense," said Jellison. "The exterior of the building will feature architectural elements at the corners and the entries will each have attractive 30' high glass panels. The park will be well-landscaped and offer abundant trailer storage and employee parking."
The architect for the project is Edward Farr of Edward Farr Architects, Inc., and the general contractor is Anderson K.M Builders.
Liberty Grows in Rogers
Liberty made national news when it purchased 55 acres in Rogers in 2011, a move some interpreted as a signal that the real estate recession was thawing. Immediately following, Liberty began designing the master-planned Liberty Industrial Park at Diamond Lake. The park was conceived to hold three industrial buildings. In June of 2011, Liberty sold approximately 21 acres to Medline for the development of their warehouse building, the first of three buildings planned for the park.
Building 2, announced today, will be the first of two buildings to be constructed by Liberty on the remaining land. A second, sister building of similar size is planned for development in the coming years and will complete the development of the site.
In addition to Liberty Industrial Park at Diamond Lake, Liberty also owns Rogers Distribution Center, a 147,160 square foot, 32' clear height, multi-tenanted warehouse distribution center constructed in 2008 on 9.14 acres of land.
Rogers Distribution Center was purchased at 41% occupancy. Occupancy has reached 85% with the announcement last month of leases with Alive Companies, Inc. and Perkins Power-Motion Products, Inc.
Just 24,825 square feet of space remain available for lease at the location.
In total, Liberty Property Trust owns and manages nearly 4.6 million square feet of office, flex and industrial property in Minnesota.
About Liberty Property Trust
Liberty Property Trust (NYSE:LRY) 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 77 million square foot portfolio includes 650 properties which provide office, distribution and light manufacturing facilities to 1,700 tenants. For more information, visit www.libertyproperty.com.
General Inquiries: Dave Jellison, Liberty Property Trust, 952/947-1100
Media Contact: Robbie Tarpley Raffish, a.s.a.p.r., 443/944-9301