Liberty Property Trust Closes $368M Sale
- Dec 31, 2013
Liberty Property Trust, of Malvern, Pa., has closed on the sale of 49 properties totaling about 4 million square feet of space and 140 acres of land for a total of $367.7 million, Liberty announced Monday. The buyer was not disclosed.
This sale was part of a transaction, announced last month (see below), consisting of 97 properties in all. The sale of the rest of the portfolio, for $329.6 million, is scheduled for late January.
This initial closing consisted of 1.9 million square feet of office properties, 1.8 million square feet of flex properties and 274,000 square feet of industrial properties, and includes Liberty’s 32-property, 2.1 million-square-foot Jacksonville, Fla., portfolio in its entirety; five buildings totaling nearly 1 million square feet in Fort Washington, Pa.; and 12 flex properties in Minnesota totaling about 915,000 square feet.
In a statement accompanying the November announcement, Liberty CEO William Hankowsky commented that the REIT intended to concentrate its office portfolio in fewer markets and to expand its portfolio allocation to industrial real estate.
The second half of that strategy was also shown by an earlier deal on which Commercial Property Executive reported last August, Liberty’s $1.5 billion acquisition of the operating partnership of Cabot Industrial Value Fund III. That purchase brought about 23 million square feet of space in 177 properties in 24 markets into Liberty’s industrial portfolio. The markets represented in that acquisition included Minneapolis, Southern California, Atlanta and Dallas.