HANOVER, MD-Earlier this Spring Liberty Property Trust announced plans to develop two Class A industrial buildings in this submarket on spec. At the time, Lisa Sullivan, vice president and city manager for Liberty's Maryland region, told us that the REIT had an additional site under contract close to the two properties.
On Tuesday Liberty Property announced that, as Sullivan indicated, it is expanding its footprint in Hanover with more spec industrial development. It has purchased 18 acres of land at 7149 Ridge Rd., with an eye on a multi-tenant industrial building, the REIT's fifth in the area.
The planned building will feature concrete tilt up walls, 210' depth with 130' truck courts and 1.5 per 1,000 parking spaces. Liberty anticipates that the property will have exposure to the new Hanover extension road proposed by the State Highway Administration.
Sean Denny and Bill Holland of Tri-Star Development, LLC represented the seller in the transaction.
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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.
