Thursday, April 5, 2012

Liberty Property Trust sells 49 properties

by Natalie Kostelni

"Liberty Property Trust has wrapped up a $195 million sale of 49 properties totaling 2.5 million square feet in a transaction that continues the company’s refocus on industrial space.

As the company unloads these properties, it is also diminishing its exposure to the suburban office market.

In the last 10 months the Malvern, Pa., real estate investment trust said it completely exited the suburban office market in Milwaukee, Richmond, Va.; and Greensboro, N.C., and significantly decreased its office presence in New Jersey. In South Jersey, the company sold: 701A Route 73 South, a 93,766-square-foot office building in Marlton; 701C Route 73 South, a 27,802-square-foot office building in Marlton; 3000 Atrium Way, a 108,416-square-foot office building in Mount Laurel; and 2000 Crawford Way, a 74,013-square-foot flex building in Mount Laurel."
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