PHOENIX, AZ – January 9, 2012 – Liberty Property Trust today announced that it closed 2011 with the purchase of a 46,725 square foot industrial building at 921 S. Park Lane in Tempe. Liberty purchased the building from Hohokam Park, LLC for approximately $2.7 million. The property, which is currently fully occupied, will become available for lease in March 2012.
“This acquisition is a terrific opportunity to add a Class A industrial building to our portfolio at a price that not only makes sense for Liberty but will allow us to be very competitive in the leasing market,” said John DiVall, senior vice president and city manager for Liberty in the Arizona region. “This transaction sits very well with our overall strategy to acquire well-located industrial and office assets in order to grow our Arizona portfolio.”
The building was developed in 2001 on a 3.39 acre parcel in the Tempe Industrial District. It sits 1.5 miles from I-10 and AZ-60 interchanges with close proximity to both the Loop 202 and Sky Harbor International Airport. The property offers 24’ clear heights, is 100% air conditioned and is fully paved, fenced and lighted.
Bill Bayless and Andrew Brigham of CBRE represented the seller and have been retained by Liberty to lease the building.
Liberty owns 1.3 million square feet of industrial and office space in Arizona. Major holdings include Cotton Center in Phoenix, Liberty 303 Business Park in Goodyear, the LEED Gold 8501 E. Raintree Drive in Scottsdale and Ryan West Business Park in Tolleson.
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 78 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: John DiVall, Liberty Property Trust, 602/808-3500
Media Contact: Robbie Tarpley Raffish, a.s.a.p.r., 443/944-9301