Liberty Property Trust continues to target I-81 corridor for spec building
The Procter & Gamble distribution center going up near Shippensburg is the sixth building along the Interstate 81 corridor for Chester County-based Liberty Property Trust, a real estate investment trust.
P&G confirmed Thursday it was going to be the sole tenant of a 1.7 million-square-foot facility that Liberty owns and is developing off I-81 in Southampton Township, Franklin County. The cost of the project is $93 million.
Liberty had approvals to build two buildings on the 183-acre site, said Michael Alderman, vice president of leasing and development. The two buildings would have totaled about 2.1 million square feet.
Plans changed when P&G representatives contacted the trust. P&G liked the site because of its interstate access and proximity to other major metropolitan areas along the East Coast.
Liberty owns two buildings in Fairview Township, York County, that are roughly 700,000 square feet in size. One of those sites is occupied by Amazon.com.
In Carlisle, it has a 430,000-square-foot facility off Exit 44 in South Middleton Township. Liberty also completed a 972,000-square-foot facility in the Carlisle area that it’s in the process of leasing.
In addition, it owns a 600,000-square-foot facility in Hagerstown, Md., off I-81 in an industrial park. The Kellogg Co. has a distribution center there.
Liberty is in the early stages of designing other sites in the greater Harrisburg area, Alderman said. Those sites will likely be speculative warehouse spaces, he said.
“The Central Pa. industrial market has been one of the best markets in the country over the last 30 years,” Alderman said.
The spec market is coming back. And with average two-year lead times on getting a site to a point ready to develop a building on it, Liberty wants to have the available inventory in place for future tenants, he said.