(To read more on the industrial market, click here.)
PHOENIX-Liberty Property Trust has added more muscle to itsGreater Phoenix portfolio with the addition of more than onemillion sf of flex and industrial buildings and 38 acres of rawland. In separate transactions, the Malvern, PA-based REIT has paid$175.5 million for the 805,639-sf Allred Cotton Center in Phoenixand $11.2 million for a 228,000-sf building in Tolleson.
John DiVall, Liberty Property's vice president and city managerfor Arizona, says the Cotton Center portfolio, sold by locallybased Douglas Allred Co., ranges from brand-new product tobuildings that are just a few years old. "The deal also includessome pad sites in the park so we'll be building in there as well,"he adds. "We already have some interest from potential users."
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