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News | 1 min read
Feeling confident, REIT lets new project take off
June 23, 2014
An industrial park developer is a taking an $8 million gamble near Richmond International Airport.
Liberty Property Trust recently broke ground on the 129,000-square-foot Eastport VIII, the last piece of its 98-acre Eastport Industrial Park at Charles City Road and South Laburnum Avenue, just west of RIC.
Fueled by a wave of extra confidence in the industrial real estate market, the Pennsylvania-based REIT is building the project on spec without having lined up any tenants for the new space. It’s the first time the company has made such a leap in the Richmond market in more than five years, said Brian Felton, a senior leasing representative at Liberty.
“The market has taken a huge turn,” Felton said. “With the activity that is still streaming in, our confidence level is very high that we will be able to lease this building in short order.”
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