(To read more on the industrial market, click hereand to readmore on the net lease market, click here.)
PHILADELPHIA-Capital Lease Funding Inc. has acquired theapproximately one-million-sf warehouse distribution center at 2760Red Lion Rd. to for just over $90.1 million, or about $89 per sf.Seller Malvern-based Liberty Property Trust, which developed theproperty as a build-to-suit for the TJX Cos. in 2001, obtained areturn of more than $41 million. The sale is "consistent withLiberty's active capital recycling program," says Bill Hankowsky,Liberty's CEO, in a statement.
The building is fully leased to a TJX affiliate under anagreement that runs for another 15 years. TJX has an A creditrating from Standard & Poor's, and the New York City-basedbuyer is a net lease REIT that focuses on the credit tenant leasemarket.
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