Whether it is buying empty buildings, developing speculative industrial and office space or vying for build-to-suit opportunities in the Valley, Liberty Property Trust in Malvern, Pa. (NYSE:LPT) is finding great success in the Phoenix market.
Now that the company has secured national retailer Tuesday Morning Corp. to occupy a vacant, 593,600-square-foot distribution facility in southwest Phoenix, Liberty Property Trust is shifting gears and plans to develop a 200,000- to 240,000-square-foot industrial building in a nearby project called Liberty Logistics Center II.
The structure will be built within a 73-acre parcel at Buckeye Road and 71st Avenue that is targeted for 1.5 million sq. ft. of industrial space. John DiVall, city manager for LPT’s Arizona region, says the company is working on a new site plan for the southwest Phoenix land, which had been targeted for three industrial buildings ranging from 350,000 sq. ft. to 600,000 sq. ft.