Liberty Property Trust Completes Sale of Office and High-finish Flex Portfolio
49 assets sold in five markets
MALVERN, Pa., April 3, 2012 /PRNewswire/ -- Liberty Property Trust (NYSE: LRY) today announced that it has completed its anticipated sale of 49 properties totaling 2.5 million square feet of space in Wisconsin, Maryland, Virginia, North Carolina and New Jersey for approximately $195 million. The properties consist primarily of single-story and mid-rise office buildings and high-finish flex properties. The properties were 83% leased when the transaction closed on April 3, 2012.
"The completion of this sale furthers Liberty's strategic plan to decrease our exposure to the suburban office market, while increasing our industrial concentrations," said Mike Hagan, executive vice president and chief investment officer. "In the last 10 months we have completely exited the suburban office market in Milwaukee, Richmond, and Greensboro, and we have significantly decreased our office portfolio in New Jersey."
About Liberty Property Trust
Liberty Property Trust, headquartered in Malvern, PA, is dedicated to enhancing people's lives through extraordinary work environments. The real estate investment trust (REIT) serves customers in the United States and United Kingdom through the development, acquisition, ownership and management of superior office and industrial properties. Liberty's 77 million square foot portfolio offers exceptional locations and flexible design to 1,700 tenants in more than 600 properties. The company is a leader in the development of high performance green buildings. For more information please visit www.libertyproperty.com.
Addendum: List of Properties Sold
|
Property Name and Location |
Business Park |
Type |
Square Feet |
|
7800 N. 113th Street, Milwaukee, WI |
Liberty at Park Place |
Office |
80,569 |
|
11950 W. Lake Park Drive, Milwaukee, WI |
Liberty at Park Place |
Office |
35,749 |
|
11400 W. Lake Park Drive, Milwaukee, WI |
Liberty at Park Place |
Flex |
36,545 |
|
11425 W. Lake Park Drive, Milwaukee, WI |
Liberty at Park Place |
Flex |
35,817 |
|
11301 W. Lake Park Drive, Milwaukee, WI |
Liberty at Park Place |
Flex |
40,020 |
|
11900 W. Lake Park Drive, Milwaukee, WI |
Liberty at Park Place |
Flex |
36,522 |
|
11414 West Park Place, Milwaukee, WI |
Liberty at Park Place |
Office |
86,723 |
|
12100 West Park Place, Milwaukee, WI |
Liberty at Park Place |
Flex |
56,293 |
|
11100 West Liberty Drive, Milwaukee, WI |
Liberty at Park Place |
Office |
88,259 |
|
11020 West Plank Court, Milwaukee, WI |
Tosa Business Park |
Office |
49,061 |
|
11300-90 West Theodore Trecker, West Allis, WI |
Liberty Point |
Flex |
39,927 |
|
11548 West Theodore Trecker, West Allis, WI |
Liberty Point |
Flex |
51,292 |
|
11420 West Theodore Trecker, West Allis, WI |
Liberty Point |
Flex |
25,000 |
|
20935 Swenson Drive, Brookfield, WI |
Crossroads Corporate Center |
Office |
71,276 |
|
20975 Swenson Drive, Brookfield, WI |
Crossroads Corporate Center |
Office |
71,200 |
|
20825 Swenson Drive, Brookfield, WI |
Crossroads Corporate Center |
Office |
39,729 |
|
10050 S. 27th Street, Oak Creek, WI |
Corporate Preserve |
Office |
44,160 |
|
2440 W. Corporate Preserve Dr., Oak Creek, WI |
Corporate Preserve |
Flex |
68,700 |
|
4050 Piedmont Parkway, High Point, NC |
Mendenhall Business Park |
Office |
220,562 |
|
4135 Mendenhall Oaks Parkway, High Point, NC |
Mendenhall Business Park |
Office |
33,758 |
|
4100 Mendenhall Oaks Parkway, High Point, NC |
Mendenhall Business Park |
Office |
55,250 |
|
4015 Meeting Way, High Point, NC |
Mendenhall Business Park |
Office |
30,844 |
|
4194 Mendenhall Oaks Parkway, High Point, NC |
Mendenhall Business Park |
Office |
26,752 |
|
4196 Mendenhall Oaks Parkway, High Point, NC |
Mendenhall Business Park |
Office |
19,647 |
|
4020 Meeting Way, High Point, NC |
Mendenhall Business Park |
Office |
15,000 |
|
4008 Mendenhall Oaks Parkway, High Point, NC |
Mendenhall Business Park |
Retail |
12,864 |
|
4160 Mendenhall Oaks Parkway, High Point, NC |
Mendenhall Business Park |
Distribution |
107,480 |
|
4170 Mendenhall Oaks Parkway, High Point, NC |
Mendenhall Business Park |
Flex |
43,040 |
|
4180 Mendenhall Oaks Parkway, High Point, NC |
Mendenhall Business Park |
Flex |
33,440 |
|
4191 Mendenhall Oaks Parkway, High Point, NC |
Mendenhall Business Park |
Flex |
45,100 |
|
9101, 9105, 9111,9115 Guilford Road, Columbia, MD |
Rivers Technology Park |
Flex |
53,054 |
|
9125,9135,9145 Guilford Road, Columbia, MD |
Rivers Technology Park |
Flex |
85,216 |
|
8945, 8955, 8965, 8975 Guilford Road, Columbia, MD |
Rivers Business Commons |
Office |
101,596 |
|
7178-7180 Columbia Gateway, Columbia, MD |
Fox Run Business Center |
Office |
88,895 |
|
1001 Boulders Parkway, Richmond, VA |
The Boulders |
Office |
78,995 |
|
7400 Beaufont Springs Drive, Richmond, VA |
The Boulders |
Office |
76,981 |
|
1100 Boulders Parkway, Richmond, VA |
The Boulders |
Office |
133,302 |
|
701A Route 73 South, Marlton, NJ |
Marlton Executive Park |
Office |
93,766 |
|
701C Route 73 South, Marlton, NJ |
Marlton Executive Park |
Office |
27,802 |
|
3000 Atrium Way, Mount Laurel, NJ |
Horizon Corporate Center |
Office |
108,416 |
|
2000 Crawford Way, Mount Laurel, NJ |
Horizon Corporate Center |
Flex |
74,013 |
SOURCE Liberty Property Trust
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