VAN BUREN TOWNSHIP, MI-In an effort to boost its industrial portfolio, Liberty Property Trust, headquartered in Malvern, PA, has acquired two industrial distribution buildings totaling 400,000 sf. The facilities are located in the Van Buren Commerce Center.

Though the sales price was not disclosed, sources in the area estimate that the buildings were acquired from Rosemont, IL-based Opus North Corp. for approximately $17.4 million. The 75%-leased property is situated on 29 acres and located at 41199 and 41133 Van Born Rd., along Interstate 275.

Liberty's Joe Trinkle tells GlobeSt.com that the property had appeal because of its location and age. From the location standpoint, "It's right off the interchange of Ecorse and I-275, which is where we want to be," comments Trinkle, city manager and vice president of Liberty's Southfield location. "The highway visibility is phenomenal."

In addition the structures are less than five years old. "These were built in 2000 and 2001, so they're newer properties and they have a higher ceiling height," says Trinkle. "Basically they had all of things needed to run an operational logistic center, and this is the kind of product we're trying to get into."

Though the buildings are of recent construction, Liberty is investing "a decent amount of money" in renovation, which includes the addition of new landscape and exterior features. In addition, "we're improving the interior of the vacancies to make them ready for any kind of warehouse user," he adds. Approximately 120,000 sf is vacant.

Joseph Anthony of CB Richard Ellis Group's Southfield office represented Opus North in the transaction. Liberty was self-represented.