Keystone Property Trust Completes First Joint Venture Acquisition; Distribution Center in Cranbury, New Jersey Is Leased to Home Depot

Apr 05, 2001, 01:00 ET from Keystone Property Trust

    WEST CONSHOHOCKEN, Pa., April 5 /PRNewswire/ -- Keystone Property Trust
 (Amex:   KTR) (the "Company" or "Keystone") announced today that it has made its
 first acquisition on behalf of its $300 million joint venture with CalEast
 Industrial Investors LLC, a real estate operating company whose members are
 LaSalle Investment Management, Inc. (a division of Jones Lang LaSalle (JLL))
 and the California Public Employees Retirement System (CalPERS).  The
 property, an 813,000 square foot big-box distribution center, is located in
 Cranbury, New Jersey at Exit 8A of the New Jersey Turnpike and has 62 acres of
 developable land upon which the venture can build up to an additional 800,000
 square feet of distribution centers.  The purchase price was $32.3 million.
     The building, which is leased to Home Depot, has over 3,000 feet of
 frontage on the Turnpike near Exit 8A -- an area in which Keystone already has
 a heavy concentration of properties and development activity.  Features of 66
 Station Road, which was recently upgraded with a new roof, include 26-foot
 clear height ceilings, a flow-through configuration with 117 newly-installed
 dock doors and parking for 300 trailers.
     Jeffrey E. Kelter, President and CEO of Keystone, commented, "This
 transaction is emblematic of our multi-pronged strategy for the joint venture,
 which includes acquiring properties with repositioning opportunities,
 including those allowing development and expansion.  This acquisition
 represents a great opportunity to capitalize on the upside inherent in
 re-leasing this large facility, as well as to create value through developing
 the adjoining ground."
     Commenting on the venture's first acquisition, Matthew H. Reed, Managing
 Director of LaSalle Investment Management, stated, "This acquisition is
 consistent with our venture's strategy of investing in value-added
 opportunities, in this case creating value through re-leasing and
 additional development in one of our target markets."
 
     Keystone Property Trust, with headquarters in West Conshohocken,
 Pennsylvania, is a fully integrated real estate investment trust with
 3.5 million square feet of state-of-the-art distribution centers either under
 construction or in its development pipeline.  In addition, the Company has a
 land bank of over 500 acres either owned or under option on which
 approximately 9 million square feet can be built.  The current portfolio
 consists of 129 industrial and office properties aggregating approximately
 22 million square feet in the Eastern United States.  Keystone's core
 portfolio contains over 19 million square feet of big box distribution assets,
 with over 16.8 million square feet located in the Northeast Distribution
 Corridor, which encompasses New Jersey, Pennsylvania, Ohio, New York and
 Indiana.  For more information, contact Jennifer R. Wall at 212-527-9900, send
 email to info@keystoneproperty.com or visit the Company web site at
 www.keystoneproperty.com.
 
     This press release may contain statements which constitute forward looking
 statements within the meaning of the Private Securities Litigation Reform Act
 of 1995, including statements regarding the intent, belief or current
 expectations of the Company, its trustees, or its officers with respect to the
 future operating performance of the Company and the result and the effect of
 legal proceedings.  Investors are cautioned that any such forward looking
 statements are not guarantees of future performance and involve risks and
 uncertainties, and that actual results may differ materially from those in the
 forward looking statements as a result of various factors.  Important factors
 that could cause such differences are described in the Company's periodic
 filings with the Securities and Exchange Commission, including the Company's
 Form 10-K and quarterly reports on Form 10-Q.
 
 

SOURCE Keystone Property Trust
    WEST CONSHOHOCKEN, Pa., April 5 /PRNewswire/ -- Keystone Property Trust
 (Amex:   KTR) (the "Company" or "Keystone") announced today that it has made its
 first acquisition on behalf of its $300 million joint venture with CalEast
 Industrial Investors LLC, a real estate operating company whose members are
 LaSalle Investment Management, Inc. (a division of Jones Lang LaSalle (JLL))
 and the California Public Employees Retirement System (CalPERS).  The
 property, an 813,000 square foot big-box distribution center, is located in
 Cranbury, New Jersey at Exit 8A of the New Jersey Turnpike and has 62 acres of
 developable land upon which the venture can build up to an additional 800,000
 square feet of distribution centers.  The purchase price was $32.3 million.
     The building, which is leased to Home Depot, has over 3,000 feet of
 frontage on the Turnpike near Exit 8A -- an area in which Keystone already has
 a heavy concentration of properties and development activity.  Features of 66
 Station Road, which was recently upgraded with a new roof, include 26-foot
 clear height ceilings, a flow-through configuration with 117 newly-installed
 dock doors and parking for 300 trailers.
     Jeffrey E. Kelter, President and CEO of Keystone, commented, "This
 transaction is emblematic of our multi-pronged strategy for the joint venture,
 which includes acquiring properties with repositioning opportunities,
 including those allowing development and expansion.  This acquisition
 represents a great opportunity to capitalize on the upside inherent in
 re-leasing this large facility, as well as to create value through developing
 the adjoining ground."
     Commenting on the venture's first acquisition, Matthew H. Reed, Managing
 Director of LaSalle Investment Management, stated, "This acquisition is
 consistent with our venture's strategy of investing in value-added
 opportunities, in this case creating value through re-leasing and
 additional development in one of our target markets."
 
     Keystone Property Trust, with headquarters in West Conshohocken,
 Pennsylvania, is a fully integrated real estate investment trust with
 3.5 million square feet of state-of-the-art distribution centers either under
 construction or in its development pipeline.  In addition, the Company has a
 land bank of over 500 acres either owned or under option on which
 approximately 9 million square feet can be built.  The current portfolio
 consists of 129 industrial and office properties aggregating approximately
 22 million square feet in the Eastern United States.  Keystone's core
 portfolio contains over 19 million square feet of big box distribution assets,
 with over 16.8 million square feet located in the Northeast Distribution
 Corridor, which encompasses New Jersey, Pennsylvania, Ohio, New York and
 Indiana.  For more information, contact Jennifer R. Wall at 212-527-9900, send
 email to info@keystoneproperty.com or visit the Company web site at
 www.keystoneproperty.com.
 
     This press release may contain statements which constitute forward looking
 statements within the meaning of the Private Securities Litigation Reform Act
 of 1995, including statements regarding the intent, belief or current
 expectations of the Company, its trustees, or its officers with respect to the
 future operating performance of the Company and the result and the effect of
 legal proceedings.  Investors are cautioned that any such forward looking
 statements are not guarantees of future performance and involve risks and
 uncertainties, and that actual results may differ materially from those in the
 forward looking statements as a result of various factors.  Important factors
 that could cause such differences are described in the Company's periodic
 filings with the Securities and Exchange Commission, including the Company's
 Form 10-K and quarterly reports on Form 10-Q.
 
 SOURCE  Keystone Property Trust

RELATED LINKS

http://www.homedepot.com