MALVERN, Pa., June 12, 2014 /PRNewswire/ -- Liberty Property Trust today announced the acquisition of five Class A industrial buildings in Durham, North Carolina, for $44 million. Together the acquisition totals 705,365 square feet, bringing the company's overall portfolio in the Triangle market to 1.4 million square feet.
Known as Imperial Center, the newly acquired buildings are located at 4226 Surles Court, 4234 Surles Court, 4227 Surles Court, 4300 Emperor Boulevard, and 1000 Parliament Court with immediate access to I-40 and I-540. The buildings are located within five miles of the Raleigh-Durham International Airport and are 100% occupied.
"The strategic location of the Imperial Center, stellar fundamentals of the market, and the high quality tenants are in line with our desire to expand our Carolinas footprint in the Triangle market," said Massie Flippin, vice president and city manager for Liberty's Carolina's region.
The acquisition also complements the company's nearby Keystone Business Park portfolio, which is 100% occupied.
The Cushman & Wakefield, Thalhimer Capital Markets team represented the seller, Crown Realty & Development, on this transaction. The Thalhimer team included Chris Norvell, Bill Simeville, Scott Humphrey, David Meline, and Patrick Nally. Liberty represented itself in the transaction.
"It was vital we found a buyer that is both capable and committed to the long standing traditions of excellence associated with the Imperial Center. Liberty certainly fits that requirement," said Kreg Groat, executive vice president of Crown Realty & Development.
Upon transaction closing, Liberty will own seven million square feet of multi-tenant industrial space in the Carolinas. In North Carolina, the company owns 1.4 million square feet in Raleigh, 1.9 million square feet in the Piedmont Triad, and 2.6 million square feet in Charlotte. In addition, it owns 1.1 million square feet in the Greenville, South Carolina market.
About Liberty Property Trust
Liberty Property Trust (NYSE: LPT) is a leader in commercial real estate, serving customers in the United States and United Kingdom through the development, acquisition, ownership and management of superior office and industrial properties. Liberty's 101 million square foot portfolio includes more than 700 properties which provide office, distribution and light manufacturing facilities to 1,800 tenants.
SOURCE Liberty Property Trust