Liberty Property (LPT) Signs New Lease Deal With Best Buy

Liberty Property Trust (NYSE:LPT) is witnessing decent demand for its distribution facilities from new tenants. The company recently signed a lease with Best Buy Company Inc. (NYSE:BBY) to rent 57,120 square feet at Liberty Ridge Business Park in Durham, NC.

Best Buy intends to use this distribution facility as a home-delivery center for large appliances. Best Buy’s distribution facility is likely to open this summer. Per Best Buy, this location will aid the company in serving customers in a more organized and efficient manner.

The building is located at 1955 T.W. Alexander Drive and is a part of the 36-acre industrial park, which includes 457,500 square feet of industrial facilities. Notably, Liberty Ridge is conveniently situated in T.W. Alexander Drive, between Page Road and Miami Boulevard. Thus, enabling easy access to Interstate 40 along with Highway 147 and Highway 70. Moreover, Raleigh-Durham International Airport is close to this industrial park. Hence, the strategic location of the property offers easy access to its tenants.

This Class A, LEED® certified building has a height of 36 feet and depth of 210 feet. Further, the building is designed to offer sufficient space for truck loading and storage.

The company’s focus on industrial space bodes well, amid high demand. In fact, the industrial real estate market has been experiencing elevated demand and solid rent growth on the back of an e-commerce boom, and supply-chain strategy transformations.

This is offering significant impetus to industrial real estate investment trusts like Prologis, Inc. (NYSE:PLD) , Duke Realty Corp. (NYSE:DRE) , Liberty Propertyand DCT Industrial Trust (NYSE:DCT) to flourish.

Encouragingly, shares of Liberty Property have outperformed its industry over the past six months, rising 3.4% against the industry’s decline of 2.4%.

Currently, Liberty Property carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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