Liberty Property Trust reports strong 2014 for industrial space in Richmond
Liberty Property Trust reports it had a strong performance in Richmond’s industrial market last year, with 29 lease transactions totaling more a million square feet. More than a quarter of the space, 298,079 square feet, was signed in the fourth quarter.
“Our vacancy rates in 2014 remained very low, a testament to our team’s ability to retain and, in many cases, expand our existing tenant base,” Craig Cope, vice president and city manager for Liberty’s Virginia region, said in a statement.
The fourth quarter brought four new leases, one expansion and four lease renewals. Several buildings reached 95 to 100 percent occupancy, the company said.
New leases included 47,000 square feet of space for MiD Inc. at 4315 Carolina Ave. in the Richmond Distribution Center. Andrew Gibb of 7 Hills Advisors represented MiD in the transaction.
Also, Spirit Delivery and Distribution Services Inc. signed a lease for 27,000 square feet at the center. Greg Creswell of CBRE represented the company in the transactions.
Insulation Materials Corp. renewed a 22,500-square-foot lease at Richmond Distribution Center.
Liberty plans to open its first speculative industrial space in the region since 2008 at the end of the first quarter, Cope said. The company is building an $8.3 million, 126,660-square-foot facility in Liberty’s Eastport Business Center off Laburnum Avenue near Richmond International Airport.
Liberty Property Trust, a real estate investment trust based in Malvern, Pa., oversees a portfolio of 106 million square feet with more than 750 properties in the office, distribution and light manufacturing sectors.