Liberty Property Trust, an $8.4 billion office and industrial property REIT, has announced renewing multiple leases across its Charlotte portfolio, keeping its occupancy steady 99 percent. The four renewals total 195,800 square feet and regard spaces in the Crosspoint Center and Perimeter West industrial parks. Bryan Blythe, senior leasing representative, Carolinas Office, Liberty Property Trust represented the REIT in all four deals.
Rooms to Go Inc., a Florida-based furniture store chain, signed the largest lease, renewing for 117,000 square feet at the Crosspoint Center – Crosspoint III building at 3000 Crosspoint Center Lane. The retailer was represented by Warren Snowdon of Cushman & Wakefield | Thalhimer. Snowdon also represented Novitex Enterprise Solutions Inc. in its lease renewal for 16,000 square feet at 2701 Hutchinson McDonald Road, at a building known as Crosspoint V. According to Liberty Property Trust’s website, the 81.3 percent occupied Crosspoint V rents for an annual fee of $4.5 per square foot.
Clark Tire & Auto Inc., d/b/a Tires Now also renewed at the Crosspoint Center business park. Represented by Lester Osborn of Piedmont Properties, the auto parts retailer signed 38,400 square feet in the Crosspoint II building. Wheel Pros was also represented by Lester Osborn of Piedmont Properties in its 24,000-square-foot lease renewal in the Perimeter West business park, in Charlotte’s Airport/West industrial submarket.
According to Colliers International, the Airport/West industrial submarket ended the fourth quarter of 2013 with a $4.36 average rental rate and a 6.07 percent vacancy rate, experiencing a 1.25 percent quarter-to-quarter vacancy drop. The North industrial submarket, where the Crosspoint Center is located, had an average rental rate of $5.25. Vacancy was at 5.62 percents, boasting a 162 basis point decrease compared to the third quarter.
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Chart courtesy of Colliers International