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Liberty Property Trust Updates Capital Recycling Activity

MALVERN, Pa., Jan. 16, 2018 (GLOBE NEWSWIRE) -- Liberty Property Trust (NYSE:LPT), today announced sales and acquisitions completed during the fourth quarter of 2017 and thus far in 2018.

Dispositions
Fourth quarter 2017: During the fourth quarter, Liberty sold four properties for $326.6 million. The properties include:

  • 700 Uline Way and 800 Uline Way, two industrial properties totaling 1,683,876 square feet and 44 acres of land in Allentown, Pennsylvania, for $249.1 million.
     
  • 10720 W Sam Houston Parkway in Houston, Texas, a 206,808 square foot office building and 13 acres of land, for $30.5 million.
     
  • 2301 Renaissance Boulevard, a 189,502 square foot office building in King of Prussia, Pennsylvania, for $47.0 million.

First quarter 2018: Portfolio repositioning sales are continuing in 2018. Thus far this year, Liberty has sold eight office properties totaling 357,705 square feet and six industrial flex properties totaling 283,620 square feet at Renaissance Park in King of Prussia, Pennsylvania, for $76.9 million. This portfolio comprises 2700, 2900, 3000, 3100, 3200, 3400, 3500, 3600, 3602 and 3604 Horizon Drive, and 2300, 2500, 2520 and 2560 Renaissance Boulevard.

Acquisitions
During the fourth quarter, Liberty added to target market properties as follows:

  • One Truman Drive South in Edison, New Jersey for a purchase price of $48.9 million. The 369,313 square foot industrial property is 100% leased.
     
  • 16325 South Avalon Boulevard in Gardena, California for a purchase price of $46.4 million. The 210,710 square foot industrial property is 100% leased.
     
  • 1221 North Alder Avenue in Rialto, California for a purchase price of $94.2 million. The 702,668 square foot industrial property is 100% leased.
     
  • 1775 Hillcrest Road in Norcross, Georgia for a purchase price of $5.7 million. The 124,217 square foot industrial property is currently 100% leased.

Commenting on the activity, chief investment officer Mike Hagan said: “We are opportunistically executing on the capital recycling program undertaken in 2017, and we are encouraged that the market continues to provide opportunities for sales and target acquisitions.”

About Liberty Property Trust
Liberty Property Trust (NYSE:LPT) 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 industrial and office properties. Liberty's 101 million square foot portfolio includes 562 properties which provide distribution, light manufacturing, and office facilities to 1,200 tenants.

Inquiries: Jeanne Leonard, Liberty Property Trust, 610.648.1704

Liberty Property Trust