Liberty Property Trust is looking to unload 30 properties
totaling roughly 1.2 million square feet between South Jersey and Fort
Washington, Pa., and depart those markets.
This is part of a larger deal in which the Malvern company
is seeking to sell a total of 97 buildings consisting of 6.6 million square
feet of suburban office and flex space. It has entered into an agreement that
totals roughly $705 million and expects to close it in stages.
Until it is completed, Liberty (NYSE: LRY) won’t comment on
the buyer. However, real estate sources have indicated that Somerset Properties
of Lower Gwynedd, Pa., is the reported buyer.
In 2012, Liberty previously sold a portion of its South
Jersey office properties and this will cleanse it of the remainder of its
office holdings there as well as in Fort Washington. The company will continue
to have a large presence in its Great Valley Corporate Center, where is it
spending millions of dollars to redevelop and reposition several office
properties. The company will also exit Jacksonville, Fla., and markets in
Maryland.
This continues Liberty’s strategy to reduce its exposure to
suburban office sector and focus on building its industrial presence.
Source: Philadelphia
Business Journal
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