DURHAM, NC—Malvern, PA-based REIT Liberty Property Trust reports it has acquired five Class A industrial buildings here totaling 705,365 square feet for $44 million.
The deal for The Imperial Center properties with seller Crown Realty & Development brings Liberty's portfolio in the Research Triangle marketplace to 1.4 million square feet. Upon the closing of the deal, Liberty will own 7 million square feet of industrial space in North Carolina.
The newly acquired buildings are located at 4226 Surles Court, 4234 Surles Court, 4227 Surles Court, 4300 Emperor Blvd., and 1000 Parliament Court and have access to I-40 and I-540. The buildings are located within five miles of the Raleigh-Durham International Airport and are 100% occupied.
"The strategic location of the Imperial Center, stellar fundamentals of the market, and the high quality tenants are in line with our desire to expand our Carolinas footprint in the Triangle market," says Massie Flippin, vice president and city manager for Liberty's Carolina's region.
The acquisition also complements the company's nearby Keystone Business Park portfolio, which is also 100% occupied.
The Cushman & Wakefield Thalhimer Capital Markets team of Chris Norvell, Bill Simeville, Scott Humphrey, David Meline, and Patrick Nally represented Crown Realty & Development in this transaction. Liberty represented itself in the deal.
"It was vital we found a buyer that is both capable and committed to the long standing traditions of excellence associated with the Imperial Center. Liberty certainly fits that requirement," says Kreg Groat, executive vice president of Crown Realty & Development.
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