Southern California Portfolio Nearly Doubles Through Purchases and Development
Malvern, PA – February 5, 2018 – Liberty Property Trust today announced that it has purchased an industrial building at 5959 Randolph Street in the City of Commerce. Liberty bought the 400,169 square foot Class A property for $92.7 million. The property is fully leased. Liberty was represented on the transaction by Mike Condon, Jr. of Cushman & Wakefield and Zac Sakowski of JLL.
"It's been a hectic, exciting period for us, as we've purchased four buildings in as many months," said Erin Plourde, Vice President - Acquisitions, Liberty Property Trust. "This particular acquisition is our first in Central Los Angeles. It provides another link in the chain we are building from the Ports of Los Angeles and Long Beach to the Inland Empire."
Plourde noted that in total, Liberty has nearly doubled its footprint across Southern California in the last year while maintaining 100% occupancy in the portfolio. The company invested a total of $176.3 million in 2017 in acquisitions and development in Southern California, and the portfolio now includes 3.7 million square feet.
Late 2017 Acquisitions
Liberty purchased three industrial buildings at the end of 2017:
- December: Liberty acquired a 702,668 square foot Class A building at 1221 N. Alder Avenue in Rialto for $94.2 million. The just-completed state-of-the-art building features 40-foot clear heights; a first for Liberty in Southern California. It is fully leased with a long term agreement. Darla Longo, Barbara Emmons Perrier and Rebecca Perlmutter of CBRE represented the Seller in this transaction.
- November: The company closed on a 210,710 square foot building at 16325 Avalon Blvd. in Carson for a $46.3 million investment. Built in 2012, the Class A, LEED® certified warehouse and distribution center offers 12 dock-high doors, ample trailer and car parking and excellent access to five major arteries including the 91, 110, 405, 705 and 105 Freeways. Mike Condon, Jr. of Cushman & Wakefield and Zac Sakowski of JLL represented Liberty in the Carson transaction.
- In late September, Liberty purchased a fully occupied, 149,650 square foot industrial building at 2459 Almond Street in Redlands. The acquisition sits on 7.2 acres of land at the southeast corner of Mountain View Avenue, affording easy access to Interstate 10. Colliers represented the Seller in this transaction.
Developing in Redlands
In addition to the acquisitions, the company is completing its first industrial development project in the market, a 156,263 square foot building at 9724 Alabama Street in Redlands. The building is designed to meet LEED® certification. Completion is anticipated for the first quarter of 2018.
Located at the corners of Alabama Street and San Bernardino Avenue, the building will include office and finished mezzanine space. It is designed with 32-foot clear height and 54 x 50-foot column spacing, 26 dock doors and one grade-level door. A dedicated 164-foot truck court and 93 car parking spaces are included. The location is particularly attractive as it offers access to the I-10, I-210 and I-215 Freeways.
About Liberty Property Trust
Liberty's Southern California portfolio now includes 16 buildings offering 3.7 million square feet of industrial properties in Carson, Fontana, Gardena, Garden Grove, Hawthorne, Moreno Valley, Ontario, Redlands, Rialto, San Fernando and Simi Valley.
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 101 million square foot portfolio includes 562 properties which provide office, distribution and light manufacturing facilities to 1,200 tenants.
General Inquiries: Erin Plourde, Liberty Property Trust, 610.648.1700
Media Contact: Robbie Tarpley Raffish, a.s.a.p.r., 443.944.9301