Liberty Property Trust LPT recently inked a long-term lease with Crest Leather, LLC at the company’s Federal Ridge Business Park in Greensboro. This lease marks 100% occupancy at the business park.
Specifically, Federal Ridge Business Park offers an aggregate of 381,625 square feet of space across five buildings. The lease with Crest Leather is for 24,074 square feet of space at the 79,200-square-foot 4328 Federal Drive property.
The quality and strategic location of the park has likely enabled the company to witness strong leasing activity at the property. In fact, the rear-load, multi-tenant building has convenient access to I-40 and Highway 68, and is appropriate for warehouse, distribution, manufacturing and other uses.
Amid e-commerce boom and the rising need for last-mile delivery options, demand for industrial space has rapidly picked up pace. Amid this, Liberty Property is taking measures to enhance its industrial portfolio. In fact, in early August, the company acquired a 203,280-square-foot infill property at 1245 Watson Center Drive, along with an adjacent parcel spanning 2.3 acres at 1161 Watson Center Drive, both in Carson, CA. The property will likely enjoy high demand given its proximity to the Port of Long Beach.
In fact, amid encouraging manufacturing environment, demand for warehouse and logistics real estate is anticipated to be healthy. This is benefiting a number of industrial real estate investment trusts (REIT), including Terreno Realty Corporation TRNO, Duke Realty DRE and Prologis Inc. PLD.
Encouragingly, over the past three months, shares of this Zacks Rank #3 (Hold) company have outperformed the industry. While its shares have gained 6.5%, the industry has rallied 5.6% during the same time period. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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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Duke Realty Corporation (DRE) : Free Stock Analysis Report
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