Liberty Property Trust Breaking Ground on Two Buildings in Southern California
New Development will bring Portfolio to 5.3 Million Square Feet of Industrial Space in the Region
Wayne, PA – January 16, 2019 - Liberty Property Trust continues to expand in Southern California, breaking ground on two new industrial buildings in Ontario and Rialto. Combined with two recent acquisitions, the new projects bring Liberty’s portfolio to 5.3 million square feet of industrial space across 22 buildings in the region.
“Fundamentals continue to be very strong throughout the market,” said Erin Plourde, Vice President of Leasing and Development in Southern California. “These buildings deepen our presence in areas such as Rialto, and help expand our footprint into others, such as Ontario. It (2018) was a very productive year and we are looking forward to the strong investment market in 2019.”
New Development Expands the Footprint
Two new developments are expected to be delivered in the third quarter of 2019. Each building has been designed to achieve LEED® certification and Fullmer Construction is the general contractor for both.
Liberty is deepening its presence in Ontario, developing 1385 S. Cucamonga Avenue, a 94,911 square foot industrial building on 4.67 acres of land. The building offers 36-foot clear height, 50-by-54-foot
column spacing and a 60-foot speed bay. The building will feature an office area, finished mezzanine, 15 dock doors, a 130-foot secured truck court and plentiful car parking.
In Rialto, where Liberty already owns four buildings, the company is developing 855 W. Valley Blvd., a 401,106 square foot building on 16.9 acres of land. The building will offer 36-foot clear height, 50-by-60-foot column spacing, skylights, a 185-203 foot fully secured truck court, 49 dock high loading doors, 69 trailer parking stalls and parking for more than 200 cars. Signage will be visible off the I-10 equidistant between the Cedar Avenue and S. Riverside Avenue interchanges.
Acquisitions Activity in San Bernardino and San Gabriel Valleys
Liberty recently purchased 520 E. Orange Show Road in San Bernardino, a newly developed 318,989 square foot industrial building featuring 32-foot clear height and 52-by-50-foot column spacing. The
building, which includes a 60’ speed bay, 40 dock doors, a 185-foot secured concrete truck court as well as finished office space and has near-immediate access to I-10 and I-215. The building is currently available for lease.
The company also purchased 15025 Proctor Avenue in City of Industry. The 128,581 square foot building offers 32-foot clear height, 18 dock doors as well as a 128-foot secured concrete truck court and is located in close proximity to the 60 Freeway, I-605 and I-10. The property is 100% leased and is the first for Liberty in the sub-market.
Recap: New Development Delivered
In 2017, Liberty broke ground on its first development in the market at 9724 Alabama Street in San Bernardino. The 156,263 square foot building was completed in the third quarter of this year and is fully leased.
About Liberty Property Trust
Liberty’s Southern California portfolio offers over 5.3 million square feet of industrial space across 22 buildings in Carson, City of Industry, Fontana, Gardena, Garden Grove, Hawthorne, Moreno Valley, Ontario, Redlands, Rialto, San Bernardino, San Fernando and Simi Valley.
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 logistics, warehouse, manufacturing, and R&D facilities in key markets. Liberty's 103.5 million square foot operating portfolio provides productive work environments for 1,200 tenants.
Released January 16, 2019