Liberty Property Trust Sells 14 Virginia Properties

The $97 million portfolio, which was sold to Lingerfelt Development, totals 918,889 square feet.

May 16, 2011
By Allison Landa, News Editor

Courtesy Flickr Creative Commons user Bohman

Liberty Property Trust has sold 14 office and flex properties totaling 918,889 square feet for a total of $97 million. The Richmond, Va., portfolio was purchased by Lingerfelt Development, which from 1995 to 2007 was part of Liberty.

The properties, which are located at Westgate at Wellesley, Innsbrook Corporate Center and Deep Run Corporate Center, are 98 percent leased. Their square footage ranges from 135,375 at largest to 44,089 at smallest.

According to Liberty Virginia operation vice president & city manager Craig Cope, the move is consistent with the firm’s national strategy of decreasing exposure to suburban office properties and seeking to increase its industrial footprint in the Richmond market.

The real estate investment trust operates in the United States and United Kingdom, with a 77 million-square-foot portfolio.