PHILADELPHIA-Malvern, PA-based Liberty Property Trust, while still engaged in office development, has spent considerable capital to become a player in the industrial market.
This year the developer of some of the more notable buildings in the city of Philadelphia's skyline, has been selling some of its office assets and in turn acquiring industrial warehouses in New Jersey and elsewhere.
Last month, Liberty Property Trust sold 6.6 million square feet of mostly office space, in Mount Laurel, Fort Washington, and elsewhere, to Greenfield Real Estate L.L.C. of Connecticut for $705 million. Earlier this year, Liberty sold PNC's Delaware County operations center to American Realty Capital Partners for $75 million and sold a portfolio of offices in South Jersey, among other suburban markets, to a group led by Somerset Properties for $146 million.
Liberty is building Wal-Mart's biggest warehouse, in Bethlehem and in October the company paid $1.475 billion to buy Cabot Industrial Value Fund IV L.P. for a portfolio of warehouses spread in New Jersey and other locations, according to The Inquirer.
Liberty's Northeastern regional executive, James J. Mazzarelli said that the company is pursuing its "industrial strategy to be in 25 major markets, coast-to-coast, with multi-tenant industrial buildings.” See story in The Inquirer.
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