Company Also Finalizes Agreements with Tenants in Keystone Park and Imperial Center
Liberty Property Trust has finalized a new long-term industrial lease with Best Buy for 57,120 square feet at Liberty Ridge Business Park in Durham. The new Best Buy facility will be a home-delivery hub for the distribution of large appliances and TVs.
“We’re excited to expand our home-delivery capabilities in the Raleigh-Durham market,” said Best Buy spokesman Jeff Shelman. “With the growth of our appliances business and our strong position in the home theater category, this facility will help us serve our customers more efficiently.”
The LEED® certified building, located at 1955 T.W. Alexander Drive, offers 36-foot clear height with 210 feet of depth and concrete tilt-wall construction. The design affords ample room for the loading of trucks and for trailer storage.
Liberty Ridge is a 36-acre industrial park providing 457,500 square feet of state-of-the-art industrial facilities. The park is located on T.W. Alexander Drive between Page Road and Miami Boulevard, providing easy access to Interstate 40, Highway 147 and Highway 70, within close proximity of Raleigh-Durham International Airport.
“Demand for quality industrial space in Durham continues to be strong,” said Bryan Blythe, vice president of leasing and development at Liberty. “Class A industrial parks such as Liberty Ridge are attracting quality companies such as Best Buy to the area, given their strategic locations in the Research Triangle Park submarket.”
Best Buy will move into the building this summer. Justin Booth and Todd Mason of Avison Young represented the tenant, and Ann-Stewart Patterson and Butch Miller of CBRE represented Liberty.
Leasing at Keystone Park
In other news, Liberty has completed a lease agreement for 62,400 square feet of space at 619 Distribution Drive in Keystone Park. The tenant will move into the location in June.
Andrew Simpson with SVN represented the tenant in the transaction, and Ed Brown and Daniel Herring of NAI Carolantic represented Liberty.
Leasing Activity at Imperial Center
At Imperial Center, Liberty signed a new, long-term lease for 20,000 square feet with Lab Animals Supplies at 4234 Surles Court (Edinburgh Place) in Durham. Alexis Lambeth with Foundry Commercial represented Lab Animal Supplies on the transaction.
Liberty also completed a renewal with 365 Sports Group at 4300 Emperor Drive at Commerce Center in Durham. The tenant, which has been a Liberty customer for a decade, renewed its lease of 24,868 square feet of space. Ryan Gaylord with Tri Properties represented the tenant.
Blythe represented Liberty in both transactions.
About Liberty Property Trust
Liberty Property Trust (NYSE:LPT) owns and manages more than 8.9 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 95% 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.
