Liberty Joins Equilibrium to Develop Fairview Business Park

Under the agreement, Liberty will purchase this building for an undisclosed price on completion, which is scheduled for third-quarter 2005. In addition, Liberty will JV with Equilibrium to own and develop the park's remaining 88 acres. At full build-out, the park could include more than 1.8 million sf. Michael D. Hines, Michael D. Blunt, Robert J. Fahey and Lizann McGowan of the Philadelphia-area CB Richard Ellis investment properties group represented affiliates of Equilibrium in structuring the transaction with Liberty.

The 705,000-sf spec building joins a 275,000-sf building that was pre-sold to a corporate user and completed last year. Construction costs for the remainder of the park are undisclosed. On condition of anonymity, a real estate executive familiar with the Central Pennsylvania industrial market tells GlobeSt.com the cost is probably just north of $38 per sf, which would put the total cost at approximately $57 million. Harrisburg-based Community Banks Inc. provided the financing, and Hanover, PA-based Conewago Enterprises Inc. is the general contractor.

Adam Meinstein, president of Equilibrium, tells GlobeSt.com the asking rental rate for the new building is $4.05 per sf. The facility has more than a quarter-mile of frontage along I-83. It is of tilt-up concrete construction and has cross-dock loading, 32-foot minimum clear ceiling heights and generous loading and parking facilities. Daniel J. Alderman of NAI/CIR Commercial-Industrial Realty Co. is handling the marketing and leasing for Fairview Business Park.