EDEN PRAIRIE, MN – September 27, 2011 - Liberty Property Trust (NYSE:LRY) today announced that it purchased three industrial distribution properties in Minnesota totaling more than 450,000 square feet of space. The properties were purchased for approximately $25 million.
Dave Jellison, senior vice president, city manager for Liberty in the state said: “We are strategically expanding our industrial distribution footprint in this market and it is our belief that these buildings are in locations that will offer us great opportunity to attract new or expanding businesses. In the coming months, we will continue to seek growth for our industrial portfolio.”
Rogers Distribution Center is located in Rogers, MN, in the northwest submarket of Minneapolis. The property, a 147,160 SF multi-tenanted warehouse facility on 9.14 acres of land, was developed in 2008 and is currently 41% occupied by one tenant. The acquisition augments Liberty’s nearby master planned development, Liberty Industrial Park at Diamond Lake, also in Rogers, MN.
9000 109th Avenue North in Champlin is a 221,750 square foot bulk warehouse facility situated on 14.36 acres, is also located within the northwest submarket of Minneapolis. The building was developed in 1995, renovated in 2005 and is currently fully occupied by a single tenant (Cardinal Health) for whom the building is titled.
Cedar Bluffs Business Center I at 3711 Kennebec Dr. in Eagan is an 81,329 SF multi-tenanted warehouse building situated on 27 acres southeast of Minneapolis. Developed in 2005, it is currently 76.3% occupied by two tenants.
At this time, Liberty Property Trust owns and manages nearly 4.2 million square feet of office, flex and industrial property in Minnesota, including more than 54 major parks and buildings.
About Liberty Property Trust
Liberty Property Trust (NYSE:LRY) is a leader in commercial real estate, serving customers in the United States and United Kingdom, through the development, acquisition, ownership and management of superior office and industrial properties. Liberty's 77 million square foot portfolio includes nearly 700 properties which provide office, distribution and light manufacturing facilities to 1,900 tenants. For more information, visit www.libertyproperty.com.
General Inquiries: Dave Jellison, Liberty Property Trust, 952/947-1100
Media Contact: Robbie Tarpley Raffish, a.s.a.p.r., 443/944-9301