TAMPA, FL-Malvern, PA-based Liberty Property Trust has acquired 65 acres of land in Legacy Park off US Highway 301 where the company plans to build four speculative office buildings with a total of 400,000 sf.

In addition to the 65 acres, Liberty also acquired a 100,000-sf building located at 3020 US Highway 301 in the park. The building is fully leased to the Home Depot. Terms of the acquisition were not disclosed. Construction industry sources estimate the construction costs of the new buildings to be approximately $40 million.

Liberty is planning to begin construction within six months on the speculative office project. Liberty will phase the development of Legacy Park over the next four to five years, with a potential of eight to 10 buildings planned. Liberty Property Trust senior vice president Bob Goldschmidt tells GlobeSt.com that the land was attractive to purchase because it came with all the necessary entitlements for development. “Developmental regional impact and limited growth regulations in Florida sometimes make it difficult to acquire and develop larger land tracts, so the fact that this site is fully approved for development is very exciting because there is little up-time,” Goldschmidt says.

“We have had great success with our Silo Bend project, which is located approximately two miles up the road from Legacy Park in the East Tampa corridor,” Goldschmidt tells GlobeSt.com. “We have seen an increase in office, flex and showroom demand, particularly along Highway 301 where Legacy Park is located.”