Liberty's (LPT) Tenant Signs Renewal And Expansion Lease
Zacks Investment Research | Aug 29, 2017 08:47AM ET
Liberty Property Trust’s (NYSE:LPT) warehouse facilities are not only grabbing attention from new tenants, but also experiencing decent demand from the existing ones.
Recently, its existing tenant — Cameron's Coffee — struck a lease renewal and expansion for 75,495 square feet of space at 5555 12th Avenue East in Shakopee, MN. This comprises the tenant’s present occupancy of 68,176 square feet and an addition of 7,319 square feet of space.
Notably, Cameron's Coffee is headquartered at 5700 12th Avenue East in Shakopee, MN. The move seems a strategic fit for the national coffee roaster and distributor, as it will help in keeping its warehouse operations in the neighboring single-story industrial building. The facility, which comprises 128,172 square feet of space, is positioned on around seven acres of land near Highway 169 interchange.
Per Liberty Property’s management, with the “dynamic and entrepreneurial nature of the economy” the Minneapolis Metro area has been displaying organic growth and drawing new business.
Earlier this August, the company announced expansion of its industrial portfolio amid improving fundamentals in the real estate category. The company noted that it would develop a 220,000-square-foot industrial building for global conveyance solutions leader — Intralox, LLC — at 7157 Ridge Road, in Hanover, MD. This move would enable Intralox to expand its business and consolidate three locations. (Read more: Original post
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