This September, Malvern-based Liberty Property Trust acquired the 500,000-sf building in an investment transaction. It was completed in 2001 by Higgins Development Partners. Among the other tenants are B. Braun Medical, ServiceCraft and SureFit. The portion leased by Johnstone contains 15 tailgate docks, a drive-in door and approximately 3,000 sf of finished office space.
Johnstone supplies more than 20,000 HVAC and refrigeration products and parts to its approximately 280 locally owned stores nationwide. It operates existing distribution centers in Portland and in Memphis.
Joseph B. McDermott, SVP with the Wayne-based global logistics group of CB Richard Ellis, represented LVIP, LP, a private real estate partnership, in the negotiations. CBRE also brokered the sale to Liberty. Jeffrey Williams, Steve Cooper, Scott Madison and Gerry Blinebury of the Philadelphia office of Cushman & Wakefield of Pennsylvania, negotiated for Johnstone in the lease transaction.
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