PHILADELPHIA-Delaware-based Morgan Properties and Pen-Del Real Estate teamed up to buy the industrial park near Philadelphia International Airport for about $11 per sf. The 1.8-million-sf manufacturing, warehouse and office complex is 70% leased and has room for further development.

PHILADELPHIA-Craig J. Scheuerle steps up from VP to SVP in the local office; Charles R. Brown rises to VP at the King of Prussia, PA, office and Carl L. Neilson, investment specialist, also makes VP.

MALVERN, PA-After a second round of chemotherapy to combat lung cancer, Willard Rouse names Bill Hankowsky CEO of Malvern-based Liberty Property Trust. Hankowsky says leasing is the current priority; development of One Penn Plaza will await more pre-leasing.

PHILADELPHIA-The giant discount retailer signed a lease for 118,000-sf at Bristol Commerce Park in Bucks County. Other tenants at the 276,000-sf shopping center owned by Plymouth Meeting, PA-based Kramont are Pizza Hut, McDonald's, Payless ShoeSource and Eckerd Drugs.

PHILADELPHIA-In addition to selling this watershed property in the Appalachian Mountains of Northumberland and Columbia counties to the state for conservation in perpetuity, Pennsylvania Suburban Water Co. will donate another 2,000 acres of land above its reservoirs to the state.

PHILADELPHIA-In a long-term lease valued in excess of $4 million, Associated Press will occupy the 17th floor of the 29-story, 684,000-sf, class-A property also known as Eleven Penn Center. AP is relocating its local news/photo bureau from One Franklin Plaza.

PHILADELPHIA-The Malvern, PA-based REIT replaces its previous $450-million credit facility--due to mature this April--with a three-year, $350-million unsecured revolving loan from a syndicate, arranged by Fleet Securities, involving 11 US banks. It matures in January 2006.

PHILADELPHIA-The Lower Gwynedd, PA-based technology company will move its staff from Springhouse, PA, to two floors at 1035 Virginia Drive in Fort Washington Business Park this fall. Brokers estimate the asking average there is about $24 per sf.