Liberty Property Trust Sells 32 Properties in Lehigh Valley
Largest commercial landlord in the region weighs growth opportunities in the Lehigh Valley and central Pennsylvania
BETHLEHEM, Pa., May 11, 2011 /PRNewswire/ -- Liberty Property Trust (NYSE: LRY), today announced that it has sold 32 properties, offering 1.4 million square feet of space in the Lehigh Valley, Pennsylvania, region, for approximately $124 million. Liberty remains both the largest landlord and the only national commercial real estate company with a local presence in the Lehigh Valley.
"This sale is consistent with our Lehigh Valley strategy. Our focus remains on developing and operating high quality distribution properties in the growing distribution corridor that stretches from the Lehigh Valley through Harrisburg to Hagerstown, MD," said Bob Kiel, senior vice president and city manager for the Lehigh Valley region.
"We took the opportunity to divest some older properties in the Lehigh Valley International Airport submarket in order to focus on growth in the west side of the Lehigh Valley and across the corridor," he continued. "As the economy picks up speed, demand for high quality distribution facilities across the region is growing."
The properties include office and high-finish flex properties and are located in Lehigh Valley Industrial Park, William Penn Business Center, and Stabler Corporate Center. The properties are approximately 90% leased.
Liberty continues to own and manage nearly 16 million square feet of space in the region.
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 more than 2,000 tenants at nearly 700 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
Office Property Address | Park | Square Footage | |
83 S. Commerce Way, Bethlehem, PA | Lehigh Valley Industrial Park IV | 18,983 | |
85 S. Commerce Way, Bethlehem, PA | Lehigh Valley Industrial Park IV | 21,119 | |
87 S. Commerce Way, Bethlehem, PA | Lehigh Valley Industrial Park IV | 22,653 | |
89 S. Commerce Way, Bethlehem, PA | Lehigh Valley Industrial Park IV | 43,200 | |
57 S. Commerce Way, Bethlehem, PA | Lehigh Valley Industrial Park IV | 76,400 | |
1455 Valley Center Parkway, Bethlehem, PA | Lehigh Valley Corporate Center | 54,118 | |
1495 Valley Center Parkway, Bethlehem, PA | Lehigh Valley Corporate Center | 43,770 | |
1510 Valley Center Parkway, Bethlehem, PA | Lehigh Valley Corporate Center | 48,208 | |
1525 Valley Center Parkway, Bethlehem, PA | Lehigh Valley Corporate Center | 75,000 | |
1530 Valley Center Parkway, Bethlehem, PA | Lehigh Valley Corporate Center | 46,400 | |
1550 Valley Center Parkway, Bethlehem, PA | Lehigh Valley Corporate Center | 43,400 | |
1560 Valley Center Parkway, Bethlehem, PA | Lehigh Valley Corporate Center | 51,400 | |
1605 Valley Center Parkway, Bethlehem, PA | Lehigh Valley Corporate Center | 95,000 | |
1640 Valley Center Parkway, Bethlehem, PA | Lehigh Valley Corporate Center | 30,850 | |
1650 Valley Center Parkway, Bethlehem, PA | Lehigh Valley Corporate Center | 29,150 | |
1660 Valley Center Parkway, Bethlehem, PA | Lehigh Valley Corporate Center | 27,500 | |
3701 Corporate Parkway, Center Valley, PA | Stabler Corporate Center | 75,000 | |
3773 Corporate Parkway, Center Valley, PA | Stabler Corporate Center | 71,000 | |
754 Roble Road, Allentown, PA | Lehigh Valley Industrial Park III | 46,800 | |
764 Roble Road, Allentown, PA | Lehigh Valley Industrial Park III | 21,860 | |
944 Marcon Boulevard, Allentown, PA | Lehigh Valley Industrial Park III | 38,400 | |
954 Marcon Boulevard, Allentown, PA | Lehigh Valley Industrial Park III | 30,140 | |
964 Marcon Boulevard, Allentown, PA | Lehigh Valley Industrial Park III | 39,200 | |
974 Marcon Boulevard, Allentown, PA | Lehigh Valley Industrial Park III | 39,200 | |
2041 Avenue C, Bethlehem, PA | Lehigh Valley Industrial Park I | 30,400 | |
2196 Avenue C, Bethlehem, PA | Lehigh Valley Industrial Park I | 31,140 | |
2201 Hangar Place, Allentown, PA | Lehigh Valley Industrial Park III | 52,300 | |
2202 Hangar Place, Allentown, PA | Lehigh Valley Industrial Park III | 66,495 | |
3174-3194 Airport Road, Allentown, PA | Lehigh Valley Industrial Park I | 42,000 | |
7277 William Avenue, Allentown, PA | William Penn Business Center | 41,040 | |
7355 William Avenue, Allentown, PA | William Penn Business Center | 43,425 | |
7562 Penn Drive, Allentown, PA | William Penn Business Center | 26,950 | |
SOURCE Liberty Property Trust
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