Chester County-based Liberty Property Trust, a real
estate investment trust that owns several industrial buildings in Central
Pennsylvania, is selling more than 100 properties in its portfolio, the company
said this week.
The 108 properties being sold for $969 million to
Workspace Property Trust and Safanad Limited are mostly in Pennsylvania, though
none are in Central Pennsylvania. Liberty said it expects to use the proceeds
from the sale to pay down existing debt, not develop additional property.
"This will really have no impact on our Pennsylvania
industrial portfolio," said Jeanne Leonard, a spokeswoman for Liberty.
"Naturally the proceeds can be used to fund development, but we develop
based on market demand, so an influx of funds does not really change our
development prospects."
Most of what Liberty owns in the Harrisburg area and
Lehigh Valley is industrial space, primarily warehouse and distribution
facilities.
Liberty was behind the 1.7 million-square-foot
distribution center near Shippensburg for Procter & Gamble. That
project was highlighted at the
Business Journal's Real Estate & Development Symposium
last year.
And the industrial market has continued to expand in the
midstate, with demand continuing to outpace supply of
new warehouses.
The majority of the properties being sold, which includes real estate holdings in Arizona,
Florida and Minnesota, are office and industrial flex buildings.
Source: Central
Penn Business Journal
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