Friday, January 19, 2018

MLP Ventures Acquires 14 Property Portfolio in King of Prussia from Liberty Property Trust

Continuing to reposition its portfolio, Malvern, PA-based Liberty Property Trust sold a portfolio of 14 office and flex buildings in the Renaissance Park Corporate Center in King of Prussia to MLP Ventures for $76.9 million, approximately $120.08 per square foot.

The portfolio consists of eight office properties totaling 357,705 square feet and six industrial/flex properties totaling 283,620 square feet located along Horizon Dr. and Renaissance Blvd. totaling approximately 641,000 square feet. The portfolio had an 87% occupancy rate at the time of sale.

The buyer, MLP Ventures, is a privately owned real estate development company previously named O’Neill Property Group. Founded in 1988 by J. Brian O’Neill, the firm is controlled by three Philadelphia-based real estate investors and focuses on acquiring and converting underutilized industrial facilities into functional commercial or multifamily space.

In addition to the King of Prussia portfolio sale, Liberty sold several other properties recently, including:

700 and 800 Uline Way, a pair of industrial properties totaling 1,683,876 square feet on 44 acres in Allentown, PA for $249.1 million.

2301 Renaissance Blvd., a 189,502-square-foot office building in King of Prussia for $47 million.

10720 W. Sam Houston Parkway in Houston, a 206,808-square-foot office building, for $30.5 million. The REIT said it recycled proceeds from those sales into several recent property purchases that closed during the fourth quarter, including:

1221 North Alder Ave., a 702,668-square-foot warehouse property in Rialto, CA for $94.2 million.

One Truman Dr. South, a fully leased, 369,313-square-foot industrial property in Edison, NJ for $48.9 million.
16325 South Avalon Blvd., a fully leased 210,710-square-foot industrial property in Gardena, CA for $46.4 million.

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