HANOVER, MD-We caught up with Lisa Sullivan, vice president and city manager for Liberty's Maryland region, in an update to our earlier news that Liberty Property Trust is building two spec industrial buildings here.
She tells GlobeSt.com that the REIT has an additional site under contract that is very close to the two properties it will be developing at 7460 and 7462 New Ridge Rd. The estimated closing will be within 30 to 45 days.
Sullivan declined to discuss any figures related to that deal but she did tell us that development costs for the 243,500 square feet of new space the REIT is planning to bring to market at Hanover Crossing will pencil in, roughly, at $95 per square foot to $100 per square foot. "That is all in, including the land, tenant improvement estimates and so on," she says.
Asking rates for the two facilities will be $6.95 per square foot, warm lit shell.
So far the REIT has presented space at Hanover Crossing to two prospective tenants but there have been no takers, Sullivan says. "Our goal is to have it 50% preleased by the time it delivers."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
