by Steve Lubetkin, Globest.com
Continuing with its announced transition from office properties to a singular focus on industrial properties, Liberty Property Trust has sold four fully-leased office properties encompassing 568,658 square feet in Malvern, PA, for $173.1 million. The properties consist of: 50 Morehall Road, 117,000 square feet; 60 Morehall Road, 117,000 square feet; 425 Old Morehall Road, 201,658 square feet; and 1001 Cedar Hollow Road, 133,000 square feet. Liberty did not identify the buyers.
With this transaction, Liberty has executed $742.4 million in office sales in 2018.
In reporting Liberty’s financial results last month, Bill Hankowsky, chairman and chief executive officer, highlighted the REIT’s shift into industrial assets.
“Consistent with the opportunities we see in the marketplace, we intend to complete our strategic shift by monetizing our remaining, high-quality office assets and focusing our efforts and capital solely on our industrial platform,” Hankowsky says.
www.omegare.com
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