ROSEMONT, Ill., July 11, 2011 /PRNewswire via COMTEX/ -- Liberty Property Trust, (NYSE: LRY), today announced that it completed the purchase of two buildings at Centerpoint Intermodal Center in Elwood, Illinois on Friday, July 1. Liberty's total investment is approximately $60 million.
The addition of the properties brings the Liberty portfolio to more than 6.3 million square feet of industrial space in the Chicago area. The buildings, purchased from Mirvac, represent Liberty's entry into this "inland port" location.
Acquisitions include two warehouse/distribution centers: 21705-07 Mississippi Street, a 1,022,554 square foot facility on 48 acres; and 27413 S. Baseline Road, a 213,500 square foot facility on 27 acres.
"This location is the epicenter of cost-effective and efficient shipping to and from the Midwest, and it has long been our goal to enter this market in a meaningful yet responsible way," said Don Schoenheider, vice president and city manager, Liberty Property Trust. "These buildings, both less than a decade old and in excellent condition, are a terrific gateway for Liberty into the submarket."
The properties are also in close proximity to Liberty Business Center, Liberty's planned 3.5 million square foot warehouse and distribution park on 255 acres in Minooka.
"This purchase will help us to 'connect the dots' with our planned park in Minooka in terms of the quality and quantity of space we can offer to tenants. This is a very exciting time to be involved in the growth of intermodal activity in the Chicago area, and for Liberty, it is just the beginning," added Schoenheider.
The buildings are currently 36% leased. DSC Corporation has signed a lease to expand from 355,375 square feet to 567,000 square feet at the Mississippi Street facility, commencing August 1. NFI currently occupies 93,000 square feet at the S. Baseline Road building.
The two buildings are adjacent to the massive 770 acre BNSF Logistics Park-Chicago complex at the heart of the Chicago Intermodal facility. The park is built with direct access to BNSF's premier rail routes, primarily from the west coast. The Mississippi Street facility is within a Foreign Trade Zone, and the S. Baseline Road property is a customs bonded warehouse.
About Liberty Property Trust
Liberty Property Trust owns and manages eight million square feet of office, flex and industrial property in the Chicago/Milwaukee Corridor, including more than eight major office and industrial parks and projects. Headquartered in Malvern, PA, Liberty is dedicated to enhancing people's lives through extraordinary work environments. The real estate investment trust (REIT) serves 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 offers exceptional locations and flexible design to more than 2,000 tenants at nearly 700 properties. The company is a leader in the development of high performance green buildings. For more information please visit http://www.libertyproperty.com/.
The statements contained in this press release may include forward-looking statements within the meaning of the federal securities law. Although Liberty believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. As forward-looking statements, these statements involve risks, uncertainties and other factors that could cause actual results to differ materially from the expected results. These factors include, without limitation, the uncertainties affecting real estate businesses generally (such as entry into new leases, renewals of leases and dependence on tenants' business operations), risks relating to our ability to maintain and increase property occupancy and rental rates, the financial condition of tenants, the uncertainties of real estate development and construction activity, the costs and availability of financing, the effects of local economic and market conditions, regulatory changes, potential liability relative to environmental matters and other risks and uncertainties detailed in the company's filings with the Securities and Exchange Commission. The company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
SOURCE Liberty Property Trust