Liberty Property Trust Announces Acquisition and Disposition Activity
Liberty adds to its Southern California distribution portfolio and sells multi-tenant industrial and office properties in Houston and Minnesota
MALVERN, Pa., Nov. 18, 2014 /PRNewswire/ -- Liberty Property Trust (NYSE: LPT), has acquired a distribution property in Southern California for $27.3 million, and sold six properties in Houston and Minnesota for $70.7 million.
Southern California
Liberty added to its holdings in the Inland Empire with the purchase of 1920 West Baseline Road in Rialto, California for a purchase price of $27.3 million. The 373,771 square foot industrial property is currently vacant. This is the second vacant distribution building purchased by Liberty this year. Liberty secured a tenant for the first acquisition within three months of purchase.
Liberty entered the Southern California market in 2013 and with this acquisition has grown its presence to nine industrial buildings totaling nearly 1.6 million square feet in Garden Grove, Hawthorne, Ontario, San Fernando, Moreno Valley and Simi Valley.
Houston, Texas
Liberty sold five multi-tenant industrial properties in Houston, Texas for $29.7 million. Together the disposition totals 553,510 square feet, bringing the company's overall portfolio in Houston to over 6.3 million square feet.
Upon transaction closing, the properties, which were originally acquired in late 2013 as part of the $1.5 billion Cabot Industrial Value Fund III acquisition, were 100% leased. The properties comprise the following: 9500-9540 Clay Road, 228,900 square feet; 5910 West by Northwest Blvd, 96,000 square feet; 11502 South Main Street, 100,866 square feet; 8801-A-E Wallisville Road, 69,300 square feet; and 8811-A-E Wallisville Road, 58,444 square feet.
Minneapolis, MN
Liberty has sold 4700 Nathan Lane in Plymouth, Minnesota, for $41 million. The 191,336 square foot office building was 100% leased at closing.
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 105 million square foot portfolio includes more than 750 properties which provide office, distribution and light manufacturing facilities to 1,800 tenants.
Inquiries: Jeanne Leonard, Liberty Property Trust, 610.648.1704
SOURCE Liberty Property Trust
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