Liberty Property Breaks Ground on 2 Industrial Properties
Liberty Property Trust LPT recently broke ground on two buildings at Liberty Riverside Center — the company’s new industrial park located in Southwest Phoenix’s industrial core. The properties, situated inside new Loop 202, will span across 22.5 acres.
The project is expected to complete in early 2020. Notably, the first building will offer 123,638 square feet of Class A industrial space, at 2323 S. 48th Avenue. With 36-foot clear height, 38 dock high doors, appropriate column spacing and 124 designated auto-parking stalls, this property will be appropriate to cater e-commerce firms.
Further, the second building, adjacent to 2200 S. 48th Avenue, will offer 223,917 square feet of industrial space. Building features include 36-foot ceiling heights, 41 dock high doors, 28 trailer parking space and 48’ x 54’ column spacing.
Amid e-commerce boom and the rising need for last-mile delivery options, demand for well-situated industrial space in densely-populated market has rapidly picked up pace. Hence, Liberty Property has undertaken dedicated measures to enhance its industrial portfolio.
As for Liberty Riverside Center, the in-fill construction and strategic location of the property will likely enable it to command premium rent and enjoy rapid leasing.
In fact, per management, industrial leasing opportunities in the new 202 Loop are high owing to limited supply of in-fill land sites. Additionally, the location of Liberty Riverside Center within the Riverside tax district is favorable.
Management noted that the A-1 property zoning enables varied uses of the industrial space and hence, the buildings have been planned to offer built-to-suit space configurations.
The e-commerce boom, resilient consumer sentiment, low unemployment level and rising wages are playing key roles in keeping up the industrial and logistics sector’s healthy performance. Companies are making immense efforts to improve supply-chain efficiencies, spurring demand for logistics infrastructure and efficient distribution networks. This is opening up ample opportunities for REITs, including Liberty Property, Duke Realty Corp. DRE, Prologis PLD and Terreno Realty Corporation TRNO to prosper.
However, recovery in the industrial market has continued for long, and a whole lot of new buildings are slated to be completed and made available in the market in the near term. This, in turn, will lead to higher supply, and lesser scope for rent and occupancy growth. This apart, any protectionist trade policies will have an adverse impact on economic growth, as well as the company’s business over the long haul.
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