Thursday, October 9, 2014

LPT Buys 51 Acres in Florence, NJ

Liberty Property Trust acquired a 50.5-acre parcel on W. Cedar Ln. in Florence, NJ from Covington Group, Inc. for $10.5 million, or about $208,000 per acre.

The industrial land is located west of the NJ Turnpike in Philadelphia's North Burlington County submarket. The sale closed with no approvals in place, but the buyer is expected to develop a facility totaling at least 600,000 square feet there.

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