Momentum Continues in Charlotte as Liberty Property Trust Prepares to Break Ground on Virkler Drive

Strong Leasing Activity and a High Occupancy Rate Drive Focus on Adding Capacity

Charlotte, NC – July 16, 2018 – With its Charlotte industrial portfolio at nearly full capacity, Liberty Property Trust will break ground this August on a 115,500 square foot Class A and LEED® certified distribution center. Located at 12830 Virkler Drive in the southwest submarket of Charlotte, the company expects to deliver the building in the first quarter of 2019.

“Demand has remained high with strong net absorption throughout the market” said Bryan Blythe, vice president of leasing and development at Liberty. “Our most recent development projects in Charlotte – two Class A and LEED certified buildings in Shopton Ridge Business Park – were almost 90% leased even before the second building was completed. The project at 12830 Virkler Drive will fill a need for this type of space and we are excited to bring it to market.”

The building will feature 32-foot clear height and 210-foot depth. The rear-load building will include enhanced architecture, motion-sensor LED lighting and ample parking. Tenants will have easy access to I-485 and I-77.

The development team includes DMA Architecture, Burton Engineering, and Landmark Builders.

Leasing in Charlotte Remains Robust

Therm-All Inc. has leased 28,869 square feet in the adjacent building at 12810 Virkler Drive. The tenant will take possession of the space this summer. Liberty acquired 12810 Virkler Drive in late 2010, and it remains fully occupied. John Vickers and Dorsey Allison of KW Commercial represented the tenant and Blythe represented Liberty in the transaction.

On the heels of a lease with TricorBraun, Inc. last month, Liberty has leased 34,020 square feet of space to PMC Commercial Interiors, Inc., bringing 3923 Shutterfly Road to full occupancy.  Brad Cherry and Jaime Boast of JLL represented PMC and Blythe represented Liberty in the transaction.

Shopton Ridge, where Liberty owns and manages 1.1 million square feet of space, is located just south of Charlotte Douglas International Airport and the Norfolk-Southern Intermodal. It is within easy access of I-485, I-77 and I-85.

About Liberty Property Trust

Liberty Property Trust (NYSE:LPT) owns and manages more than 9.1 million square feet of industrial space in the Carolinas, including Charlotte, Raleigh-Durham and the Piedmont Triad in North Carolina and in Greer and Greenville, South Carolina. The portfolio is currently 94% occupied.

The company 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 industrial and office properties. Liberty's 101 million square foot portfolio provides productive work environments for 1,200 tenants.