Keystone Gets $11M for 2 Exton Properties

PHILADELPHIA-West Conshohocken, PA-based Keystone Property Trust has sold two industrial properties at One and Two Tabas Lane in Exton, PA for $11.4 million to Mobile, AL-based Baker Properties. Keystone realized a gain in excess of $500,000 from the disposition.

One Tabas Lane is 150,027 sf and fully leased to Pittsburgh, PA-based Allegheny Rodney Strip for nine years. Two Tabas Lane is the 150,000-sf headquarters for International Envelope Co., which has five years remaining on its lease.

The buildings do not fit Keystone’s core strategy, which is the development and acquisition of big-box warehouse facilities in the Northeast distribution corridors. “We are continuing to dispose of assets in our portfolio that are not consistent with our focus,” says Jeffrey E. Kelter, president and chief executive officer, in a statement.

Kelter says Keystone will continue to “re-deploy capital from these sales into our development pipeline and acquire select state-of-the-art warehouse product that enhance our existing market penetration.”

Keystone’s current portfolio includes 120 industrial and office properties in the Eastern US, totaling 22 million sf.