Thursday, May 12, 2011

Liberty Property Trust Sells 32 Properties in Lehigh Valley

"Liberty Property Trust (NYSE:LRY - News), today announced that it has sold 32 properties, offering 1.4 million square feet of space in the Lehigh Valley, Pennsylvania, region, for approximately $124 million. Liberty remains both the largest landlord and the only national commercial real estate company with a local presence in the Lehigh Valley.

"This sale is consistent with our Lehigh Valley strategy. Our focus remains on developing and operating high quality distribution properties in the growing distribution corridor that stretches from the Lehigh Valley through Harrisburg to Hagerstown, MD," said Bob Kiel, senior vice president and city manager for the Lehigh Valley region.

"We took the opportunity to divest some older properties in the Lehigh Valley International Airport submarket in order to focus on growth in the west side of the Lehigh Valley and across the corridor," he continued. "As the economy picks up speed, demand for high quality distribution facilities across the region is growing."

The properties include office and high-finish flex properties and are located in Lehigh Valley Industrial Park, William Penn Business Center, and Stabler Corporate Center. The properties are approximately 90% leased."

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