MILWAUKEE-Liberty Property Trust has sold five office properties, containing about 368,000 square feet, here and in the suburbs. An unnamed Chicago investor purchased four of the assets in the suburbs for about $41 million, while Newton, MA-based Government Properties Income Trust paid $6.8 million for a site downtown.
The 29,300-square-foot property in Milwaukee was built for the US Department of Defense as a military recruit processing center in 2006. The site is at 11050 W. Liberty Dr.
The other four sites are at 15800 Bluemound Rd. and 245 S. Executive Dr. in Brookfield, WI and 20700 (Crossroads Corporate Center VIII) and 20800 Swenson Dr. (Crossroads Corporate Center II) in Waukesha, WI. The properties were 94% leased at the time of the sale.
Neal Driscoll, VP and manager with Liberty, said in a statement that the company has been cutting back on its suburban office properties nationally, and these sales were part of this strategy. “Our focus will remain on increasing our industrial footprint,” he said. Earlier this month, Liberty purchased two industrial buildings in the 2,000-acre CenterPoint Intermodal Center in Elwood, IL, a total of 1.2 million square feet, for $60 million from Sydney, Australia-based Mirvac Industrial Trust.
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