Liberty Property Signs New Lease To Achieve Full Occupancy
Zacks Investment Research | May 30, 2018 09:26PM ET
Liberty Property Trust’s (NYSE:LPT) industrial properties have been experiencing encouraging demand for its properties amid the recovering economy and e-commerce boom.
Recently, the company announced securing a long-term lease with Koops, Inc., for 45,600 square feet of space, at the Brookfield South Business Park in Mauldin, SC. The tenant is expected to occupy the space this June.
Encouragingly, the deal is significant as it has enabled Liberty Property to achieve 100% occupancy for all four of its buildings in the park spanning 320,400 square feet of space.
The Brookfield Business Park is well positioned near I-385 and I-85, southeast of the city of Greenville. The strategic location of the property has enabled the property to enjoy high occupancy levels.
In fact, the company’s industrial portfolio, spanning 94.4 million square feet of area, enjoyed solid occupancy of 96.7% at the end of the first quarter. Moreover, industrial rents escalated 12.4% on retained and replacement leases commenced during the quarter.
Notably, the company has been making concerted attempts to fortify its national industrial portfolio on the back of strategic acquisitions and developments in key markets. It recently acquired a 28-acre industrial development site in Dania Beach, Broward County, FL, for nearly $14 million. (Read more: Zacks Investment Research
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