Liberty Property Trust announced today it has begun development on a 156,000 square foot warehouse at 130 Caliber Ridge Drive in Caliber Ridge Industrial Park across from the BMW Manufacturing Plant in Greer. The building is being developed on a speculative basis and will be ready for occupancy in April of 2015. Harper Corporation has been selected to construct the building. MCA Architecture and Arbor Engineering will provide architectural and civil engineering services.
“We continue to invest in the Greenville-Spartanburg market through projects such as the development of 130 Caliber Ridge Drive. Our recent development and acquisition activity have brought our Carolinas portfolio to approximately 7.5 million square feet across North and South Carolina,” said Massie Flippin, vice president and city manager for Liberty’s Carolinas Region. “Tenant demand in the market is solid and we look forward to accommodating our customers’ future growth.”
Liberty Strategically Grows Caliber Ridge and Brookfield Oaks Parks
Earlier this year, Liberty confirmed that three additional buildings would be developed at Caliber Ridge Industrial Park. The first, 110 Caliber Ridge Drive, totals 156,000 square feet and was completed in February 2014. It is 100% leased to two tenants. Two more, 120 and 140 Caliber Ridge Drive, are scheduled for completion by the end of this year, with three tenants pre-leasing 249,600 square feet of the 312,000 total square feet.
In addition to the development projects, Liberty acquired a 90,000 square foot warehouse facility at 25 Brookfield Oaks Drive in Mauldin, SC in January of 2014. That building is 100% leased to three tenants. The building compliments Liberty’s Brookfield Oaks assets and provides tenants with the opportunity to expand.
With the completion of 130 Caliber Ridge Drive, Liberty’s industrial portfolio in the Greenville-Spartanburg market will total 1.6 million square feet.
“We obviously are very excited about Liberty Property Trust expanding its presence in the Caliber Ridge Industrial Park, which is attractive to tenants seeking a vibrant location and one that offers a prime Upstate location convenient to multiple transportation options. I join other city leaders in celebrating Liberty’s continued success in the Carolinas, the Upstate, and specifically in the City of Greer,” said Rick Danner, Mayor of Greer.
Liberty has also recently executed two lease transactions in the greater Greenville market, which include:
- IEWC Corporation has signed a new 52,000 square foot lease, representing a market expansion for the company. IEWC is will move into its new Liberty premises, located at 120 Caliber Ridge Drive in Greer, in the first quarter of 2015. Matt Treble of JLL represented IEWC Corporation in the transaction. Currently there is 62,400 square feet of space available for lease at 120 Caliber Ridge Drive.
- R & J Hill Enterprises has renewed its lease for 12,809 square feet at 75 Brookfield Oaks Drive in Mauldin, SC.
About Liberty Property Trust
Across the Carolinas portfolio, Liberty owns approximately 7.5 million square feet of multi-tenant industrial space. In North Carolina, the company owns 2 million square feet in the Piedmont Triad, 1.4 million square feet in Raleigh and 2.7 million square feet in Charlotte. In addition, it owns 1.4 million square feet of space in Greenville, South Carolina.
Liberty Property Trust (NYSE:LPT) is a leader in commercial real estate, serving customers in the United States and United Kingdom through the development, acquisition, ownership and management of superior office and industrial properties. Liberty’s 105 million square foot portfolio includes more than 750 properties which provide office, distribution and light manufacturing facilities to 1,800 tenants.