Liberty Property Trust Shopping For More
“We're definitely looking for portfolios,” Liberty's Atlanta director, Steve Rowley, tells us. “But it's just expensive.” Even value-add industrial properties-once a dime-a-dozen here-are priced at a premium. Liberty is even eyeing developable land. “Outside of Atlanta, there's a notion that there's tons of easy land available,” he says. But in reality, even as far as 30 minutes outside the Perimeter, quality land is at a minimum.
Recently, Liberty snagged deals with three major tenants: an expansion of Sub-Zero Group to nearly 35k SF; Kids R Kids, which inked a deal for 16k SF, both at 1700 Executive Park Drive in Duluth; and Hana Collection, which expanded to 46k SF at 1680 Executive Park Drive in Duluth (pictured). Steve, who moved his family to Atlanta last year and now resides in Alpharetta, says the 2.2M SF Atlanta Liberty portfolio-which it acquired last year as well-is now 85% leased.