Yahoo Finance Liberty Property (LPT) Acquires Industrial Land for $14M
Liberty Property Trust LPT has been making concerted attempts to fortify its national industrial portfolio on the back of strategic acquisitions and developments in key markets. Recently, the company acquired a 28-acre industrial development site in Dania Beach, Broward County, FL, for nearly $14 million.
Particularly, the developer’s offer exceeded four other bidders in a sealed bid sale process to acquire the site from the city of Fort Lauderdale. It intends to build a 300,000-square-foot class A industrial distribution facility called Liberty 595 Distribution Center.
The site is located at 4030 S. State Road 7 and is well connected to crucial roadway arteries, such as Interstate 595, Interstate 95 and Florida’s Turnpike. Easy access and connectivity strategically position the site to enjoy high occupancy. Moreover, the land was formerly used by the city for composting.
Amid active dispositions of its surplus properties to developers, the County has been witnessing elevating level of industrial construction, as well as low levels of vacancy. In fact, Broward County drives a significant part of South Florida’s industrial demand. Hence, this project is expected to witness encouraging demand.
Liberty Property’s focus on industrial properties and sites bodes well amid e-commerce boom and supply-chain strategy transformations witnessed by the industrial markets. In fact, the industrial real estate market has been experiencing elevated demand, rent growth and solid occupancy levels in key markets. This is offering significant impetus to industrial REITs like Prologis, Inc. PLD, Duke Realty Corp. DRE and DCT Industrial Trust DCT to flourish. With a premium quality industrial portfolio, as well as strategic acquisitions, the company is poised to shine, going forward.
Shares of this Zacks Rank #3 (Hold) company have outperformed its industry in the past three months, rising 7.8% as compared to the industry’s growth of 3.3%.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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