Liberty Property Trust
) disclosed that it has fully leased warehouse property - 1135
Aviation Place - to Ricon Corporation through a long-term deal. The
tenant relocated to this San Fernando-based building last
1135 Aviation Place, which offers 65,347 square feet of
industrial space, is situated within a three acres land parcel.
Liberty Property purchased this facility last year, as a part of
the portfolio acquisition that marked its entry into the South
California industrial market. Both the parties in the
abovementioned leasing deal were represented by personnel of
CBRE Group, Inc.
We believe that this transaction is a strategic fit as it will
augment Liberty Property's tenant base and pave the way for rental
revenue escalations. Also, the industrial property market in South
California is exhibiting an upward trend. 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.
As a matter of fact, South California is among the nation's
largest industrial market and one of the target markets for this
real estate investment trust (REIT). Consequently, in April,
Liberty Property acquired a 522,772 square foot warehouse
facility for $33.6 million in Moreno Valley. Currently, the company
owns 1.1 million square feet of industrial space in this market. We
expect these initiatives to strengthen the company's industrial
portfolio in upscale locations, going forward.
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.
). Both stocks carry a Zacks Rank #1 (Strong Buy).
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