Metro Commercial Brokers Malvern Office Building and Land Sales for Liberty Property Trust
Liberty announced its first quarter financial results on April 30 and noted that subsequent to quarter-end it had sold three office properties totaling approximately 74,000 square feet and 18 acres of land in Malvern, PA for $10.2 million.
MALVERN, PA—Philadelphia-based Metro Commercial Real Estate, Inc. reports it has brokered the sale of seven parcels involving three office buildings and four vacant land parcels in the Great Valley Corporate Center here.
The properties were sold by Liberty Property Trust to Philadelphia Suburban Development Corp. Although Metro Commercial did not divulge the sale price for the seven parcels, Liberty announced its first quarter financial results on April 30 and noted that subsequent to quarter-end it had sold three office properties totaling approximately 74,000 square feet and 18 acres of land in Malvern, PA for $10.2 million.
The Metro Commercial sales team representing the seller, Liberty Property Trust, was led by EVP of brokerage services and principal Joe Dougherty and EVP of brokerage services and principal Steve Niggeman.
The Great Valley Corporate Center is located at the intersection of Route 29 and Great Valley Parkway. The properties that changed hands were: 309-315 Technology Drive: a 30,150-square-foot building on 3.09 acres; 18 Great Valley Parkway: a 29,419-square-foot building on 3.75 acres; 10 Great Valley Parkway: a 17,270-square-foot building on 3.66 acres; 380 Old Morehall Road: 4.4 acres of vacant land; 351 Old Morehall Road: 9.7 acres of vacant land; 6 Great Valley Parkway: 5.15 acres of vacant land and 321 Old Morehall Road: 0.12 acres of vacant land.
“We believe there is unlimited potential for PSDC to redevelop the land and office buildings to fulfill a need in this ever-growing business hub,” says Metro Commercial’s Dougherty. “As one of the fastest-growing suburbs in metro Philadelphia, Malvern offers a prime location for corporations and employees, with easy access to major throughways, housing and apartment communities, and multiple retail and entertainment centers.”
Wayne, PA-based Liberty Property Trust also reports two lease deals at its properties in the Raleigh-Durham, NC market.
At Bedford Place in Imperial Center, a long-term tenant, American Furniture Rentals, Inc., renewed its lease of 40,125 square feet at 4226 Surles Court. Rob Steinhart of Colliers International represented the tenant in the transaction.
At Keystone Park, another long-term tenant, renewed and expanded its lease at 324 Park Knoll Drive, doubling its space from 24,000 square feet to 48,000 square feet. The expansion space will be available for move-in late this summer, Liberty Property Trust reports.
In March, Liberty Property Trust sold 1100 17th Street NW, a 12-story office building for $61.75 million. The 146,979-square-foot property was 65.7% leased at closing. Cushman & Wakefield’s Bill Collins and Shaun Weinberg represented Liberty in the transaction.
The REIT acquired the building in December 2011 for $50 million. At the time of the purchase the building had an 82% occupancy rate. The property was developed in 1963 and was renovated in 1998.