Liberty Property Trust Reaches 82% Occupancy at New Industrial Building in Liberty Center at Rio Salado

Liberty Property Trust today announced that it has signed a lease with Express Scripts for 81,300 square feet of space at 2040 West Rio Salado Parkway in Liberty Center at Rio Salado located in Tempe, Arizona. The building, which is now 82% leased, is the first light industrial development at the park.

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“Liberty Center at Rio Salado continues to attract top companies,” said John DiVall, senior vice president and city manager for Liberty Property Trust. “In one of the fastest growing parks in the metro area, Express Scripts will join the many companies drawn to the development’s high-quality construction, convenient location and desirable labor pool access. Interest in the park remains strong and now offering light industrial space gives us the opportunity to accommodate a tenant’s full range of needs.”

 

Completed in early 2016, 2040 West Rio Salado Parkway offers 215,000 square feet of Class A warehouse space with 94,290 square feet previously committed to Dal-Tile. The new state-of-the-art facility, constructed to meet LEED® Silver certification, features 30’ clear height, 250’ building depth, concrete tilt construction, and a 185’ expandable full concrete truck court, with visibility on Arizona Route 143 and Red Mountain Loop 202 Freeway. With the completion of the Express Scripts lease, 39,410 square feet now remains for lease at the building.

 

Express Scripts, which is slated to move into its new space this fall, is headquartered in St. Louis, MO.  Processing 1.3 billion prescriptions annually, Express Scripts makes medicine more affordable and accessible for the 85 million Americans it serves. The company currently ranks No. 22 on the Fortune 500, and Forbes magazine named Express Scripts one of the World’s Most Innovative Companies for both of the past two years.

 

In the transaction, the tenant was represented by Daniel Calihan of CBRE and the landlord was represented by Megan Creecy-Herman of Liberty Property Trust.

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