Liberty Property Trust Acquires 18 Acres of Land in Hanover, Plans Another Speculative Industrial Project
- May 24, 2013
The rising demand for industrial space in the Baltimore area has resulted in an increase in speculative building projects. Liberty Property Trust announced on May 21 the acquisition of 18 acres of land at 7149 Ridge Road in Hanover, Maryland. The company owns and manages nearly three million square feet of office and industrial space in Greater Baltimore Metropolitan area and plans to use the land for the future development of a multi-tenant industrial building.
The new building will feature concrete tilt up walls, 210’ depth with 130’ truck courts and 1.5 per 1,000 parking spaces. Its location is also important. Liberty said the property will have exposure to the new Hanover extension road as part of the new Hanover Road and Interstate 295 Interchange proposed by the State Highway Administration.
If approved, the new interchange will provide quicker access to the Baltimore-Washington International Thurgood Marshall Airport and will open up opportunities for development and employment in the area.
“This land acquisition represents a key milestone as we develop our pipeline and execute our strategy to grow Liberty’s industrial portfolio in this market,” Lisa Sullivan, vice president and city manager for Liberty in the region, said in a statement for the press. “The property at 7149 Ridge Road, when developed, will be the site of Liberty’s fifth building in the area.”
Bill Holland of Tri-Star Brokerage, LLC brokered the deal. Liberty did not disclose the price of the transaction.
Less than half a mile from the newly acquired land, Liberty Property trust is developing two other new Class A industrial buildings. Located at 7460 and 7462 New Ridge Road in Liberty’s Hanover Crossing industrial park, the two buildings offer together almost 243,500 square feet of space. They feature 28-foot clear ceilings, 50-foot spaces between columns, and drive-in loading for trucks. Liberty Property Trust is constructing them in tandem and expects to complete the two buildings by the end of the year.
In 2008, the company opened Highpoint 100, a two-building industrial complex on Coca Cola Drive. Together, the buildings offer 225,000 square feet of space. Both are fully leased.
Charts courtesy of CBRE.