by Steve Lubetkin, GlobeSt.com
Liberty Property Trust has begun development of eight industrial projects totaling 2.2 million square feet so far in the third quarter. Liberty says the starts represent a projected total investment of $150 million. Liberty also said it completed two large leases totaling 1.2 million square feet in industrial properties in Pennsylvania.
Third Quarter Industrial Development Starts
11835 Newgate Boulevard, Hagerstown, MD, a 615,600 square foot distribution facility, 100% pre-leased.
140 Caliber Ridge, Greer, SC, a 156,000 square foot distribution building for Bosch Security Systems, which will lease the entire building.
120 Caliber Ridge, Greer, SC. Pilot Freight had signed a lease for 41,600 square feet of this 156,000 square foot multi-tenant industrial building.
10020 South Reinhart Drive, Oak Creek, WI, a 171,114 square foot multi-tenant industrial building.
333 Howard Street, Des Plaines, IL, a 235,781 square foot distribution building.
Miami International Tradeport Building B, Medley, FL, a 147,840 square foot multi-tenant industrial building.
11000 Holly Lane, Dayton, MN, a 247,000 square foot multi-tenant industrial building.
300 North Mitchell Road, North Aurora, IL, a 429,756 square foot distribution building. This project is being developed by a joint venture in which Liberty holds a 25 percent interest.
Online retailer zulily has signed a long-term lease for 10 Emery Street, an 800,000 square foot distribution building in Bethlehem, PA, Construction began during the second quarter. The lease is expected to commence in the first quarter of 2015.
Liberty has leased the remaining 421,200 square feet of space at 40 Logistics Drive, Carlisle PA, to fine chocolate manufacturer, Lindt and Sprungli (USA). The lease is expected to start in the first quarter of 2015.
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