MALVERN, PA. — Liberty Property Trust (NYSE: LRY) has sold a 49-property office and industrial portfolio for $367.7 million. Greenfield Real Estate LLC purchased the properties, which are located in Jacksonville, Fla., Fort Washington, Pa., and Minnesota.
The properties comprise approximately 140 acres and 4 million rentable square feet, including 1.9 million square feet of office space, 1.8 million square feet of industrial space and 274,000 square feet of flex space. This sale is part of a previously announced transaction in which Greenfield Real Estate is purchasing 97 total properties from Liberty for an aggregate $697.3 million.
The 32 properties located in Jacksonville, which represent all of Liberty’s holdings in the market, total more than 2.1 million square feet. This portion of the portfolio includes the Executive Park and Liberty Business Park developments as well as 4190 Belfort Road, a four-story, 120,000-square-foot asset.
The five properties in Fort Washington, which is a northern suburb of Philadelphia, total nearly 1 million square feet. This portion of the portfolio includes 1100 Virginia Drive, a 753,607-square-foot asset in Fort Washington Office Park.
The 12 properties in Minnesota, which total approximately 916,000 square feet, are located in the Minneapolis suburbs of Oakdale, Plymouth, Eden Prairie, Woodbury, Maple Grove and Minnetonka. This portion of the portfolio includes 7805 Hudson Road, which totals 138,732 square feet in Hudson Road Technology Center in Woodbury.
Malvern, Pa.-based Liberty holds approximately 103 million square feet of office, distribution and light manufacturing facilities in the United States and United Kingdom. The company’s stock price closed at $34.18 per share on Jan. 3, down from $36.30 a year earlier.
Liberty and Greenfield plan to close the on the remainder of the portfolio — 48 properties located in New Jersey and Maryland — in late January.
— John McCurdy