LibertyProperty Trust ( LPT ) is accelerating its industrial expansion plans in the Greenville-Spartanburg market - a large metropolitan area in upstate South Carolina. The investors responded positively, with an increase of 0.89% during the trading session on Nov 26, on this real estate investment trust's (REITs) portfolio enhancement efforts. <\/p>\n
In particular, Liberty Property disclosed the commencement of speculative development of the warehouse at 130 Caliber Ridge Drive in Caliber Ridge Industrial Parkin Greer. The property will span 156,000 square foot and is expected to be ready for occupancy in April 2015. Notably, this is the fourth development of Liberty property at Caliber Ridge Industrial Park. <\/p>\n
Previous Expansion Moves <\/p>\n
In the beginning of 2014, the company has stated its plans to build three properties at the park. Of these, 110 Caliber Ridge Drive building (spanning 156,000 square feet) was finished in February 2014. The other two buildings at 120 and 140 Caliber Ridge Drive (stretching 312,000 total square feet in total) are anticipated to be completed by 2014. The assets are 80% leased in aggregate. <\/p>\n
Along with these developments, in Jan 2014, Liberty Property bought a warehouse facility at 25 Brookfield Oaks Drive in Mauldin, SC. The asset, spanning 90,000 square foot, is fully housed by three tenants and complements Liberty Property's assets in the area. <\/p>\n
Our View <\/p>\n
Given the thriving industrial market of the Greenville-Spartanburg region, the abovementioned transaction bodes well for the company in the future. Post-development of this 130 Caliber Ridge Drive property, Liberty Property's industrial portfolio in the Greenville-Spartanburg market will span to a total of 1.6 million square feet. The company's properties seem to benefit from the rising demand for premium quality industrial space in the Greenville-Spartanburg region, with pre-leasing of its under-construction buildings. <\/p>\n
Liberty Property currently carries a Zacks Rank #3 (Hold). Other better-ranked stocks in the REIT industry include Cousins Properties Incorporated ( CUZ ), Prologis, Inc. ( PLD ) and Duke Realty Corporation ( DRE ). All stocks have a Zacks Rank #2 (Buy). <\/p>\n
PROLOGIS INC (PLD): Free Stock Analysis Report <\/p>\n
DUKE REALTY CP (DRE): Free Stock Analysis Report <\/p>\n
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Liberty Property Expands in Greenville-Spartanburg Market - Analyst Blog<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" LibertyProperty Trust ( LPT ) is accelerating its industrial expansion plans in the Greenville-Spartanburg market - a large metropolitan area in upstate South Carolina. The investors responded positively, with an increase of 0.89% during the trading session on Nov 26, on this real estate investment trust's (REITs) portfolio enhancement efforts Continue reading