With focus on boosting its industrial assets base,
Liberty Property Trust
) bought 5 Class A industrial properties (spanning 705,365 square
feet in total) in Durham, NC. The buildings, known as Imperial
Center, were acquired for $44 million.
The acquired properties are positioned at 4300 Emperor
Boulevard, 4234 Surles Court, 1000 Parliament Court, 4227 Surles
Court and 4226 Surles Court. These assets are fully occupied and
enjoy proximity to I-40, I-540 and Raleigh-Durham International
We believe that this transaction is strategic fit given the
location and high quality tenant base of the properties. As a
matter of fact, the industrial property market in the Carolinas
exhibited an upward trend in the first quarter, on the back of
strong larger bulk distribution & manufacturing facilities
demand, as per a report by Cushman & Wakefield Research.
We expect this trend to continue going forward.
Particularly, amid a larger customer base and rise in e-Commerce
application and supply chain consolidation, there is an increasing
demand for high-quality logistics facilities. And Liberty Property
is aiming at capitalizing on this trend to drive its profitability
With this abovementioned buyout, the company's portfolio in
Triangle market - that houses leading technology firms - totaled
1.4 million square feet. Moreover, upon the transaction closure,
Liberty Property will have 7 million square feet of industrial
space in Carolinas, comprising 5.9 million square feet in NC and
1.1 million square feet in SC.
Liberty Property currently carries a Zacks Rank #3 (Hold).
Investors interested in the REIT industry may consider stocks like
The GEO Group, Inc.
Terreno Realty Corp.
Chatham Lodging Trust
). All these stocks carries a Zacks Rank #1 (Strong Buy).
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