LIBERTY PROPERTY TRUST SELLS TWO PORTFOLIOS FOR $221 MILLION
PENNSYLVANIA AND VIRGINIA — Liberty Property Trust has disposed of two portfolios for a total of $221 million. The portfolios contain a combined 46 office and flex industrial properties totaling approximately 2.3 million square feet.
In the first transaction, Liberty sold 32 properties located in Pennsylvania's Lehigh Valley for $124 million to an undisclosed party. The properties range in size from 18,983 to 95,000 square feet. They are located within Allentown's Lehigh Valley Industrial Park III and William Penn Business Center; Bethlehem's Lehigh Valley Corporate Center and Lehigh Valley Industrial Park I and IV; and Center Valley's Stabler Corporate Center. The portfolio was approximately 90 percent leased at the time of closing.
In a press release Liberty explained that the sale was part of its plan to divest of older properties in the Lehigh Valley International Airport submarket in order to focus on growth in other areas of the market including the west side of Lehigh Valley. Despite the sale, Liberty remains the largest landlord in the region with a ownership and management portfolio of approximately 16 million square feet.
In the second transaction, Liberty sold a 14-property portfolio located in the Richmond area to Lingerfelt Development for $97 million. The properties range in size from 5,172 to 135,375 square feet. They are located in Richmond's Westgate at Wellesley and Westerre parks as well as Glen Allen's Innsbrook Corporate Center. Occupancy was 98 percent at the time of the sale.
“Consistent with Liberty's national strategy, we are seeking to decrease our exposure to suburban office properties,” said Craig Cope, vice president and city manager for Liberty's Virginia operations in a statement. “Going forward, we will focus on increasing our industrial footprint in the Richmond market.”
— Coleman Wood