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Liberty Property Trust Begins Next Phase of DFW Industrial Park

172,000-SF Spec Project to Break Ground Later This Month Within GSW North Park
April 13, 2018
Liberty Property Trust (NYSE: LPT) plans to begin construction by the end of the month on a new 172,120-square-foot spec industrial building in North Texas' Great Southwest submarket.

The decision to kick off the third phase of GSW North Park near Valley View Ln. and Frye Rd. in Irving comes at a time when market conditions are ideal for spec construction, said Kurt Griffin, an executive managing director at Cushman & Wakefield's Dallas office.

"Compared to other parts of Dallas-Fort Worth, demand is really strong in the Great Southwest submarket right now," Griffin told CoStar News. "This was one of the leading submarkets in the region last year in terms of absorption, and we saw a continuation of that in the first quarter with several leases being made in the submarket."

The new building will be the third one in the park, joining two existing industrial buildings, bringing the park's total footprint to 709,000 square feet. The park's two existing buildings are about 95 percent leased.

Griffin said with the 36-foot clear heights and the shallow bay space, he expects solid demand for the building, which is slated for completion in December 2018.

Griffin, along with Nathan Orbin and David Eseke of Cushman & Wakefield, are marketing the property on behalf of the REIT, which expects to own the building for the long haul.

The brokers do not have any completed deals on the planned space, but Griffin and his team have high hopes.

"With the continued interest and inquiries into new buildings in this submarket, we feel good moving forward with this as a spec project," he added.

In the first quarter of 2018, Cushman & Wakefield researchers say 964,314 square feet of industrial was absorbed in the Great Southwest submarket. This makes the Great Southwest the No. 2 submarket in North Texas based on absorption, behind only the DFW Airport submarket, which landed 1.2 million square feet of new deals.

The property address is not finalized with the U.S. Postal Service, but brokers believe it will be marketed under the address, 5328 Frye Rd.

Candace Carlisle, Dallas-Fort Worth Reporter  CoStar Group   
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