Liberty Property Trust, a Malvern, PA-based real estate investment trust, announced today that it had sold of 49 properties in three states for a total of $367.7 million. These transactions are all part of a previously announced strategy to dispose of a total of 97 properties in the company's portfolio; the sale of the remaining properties are scheduled for late next month for $329.6 million.
The properties included in this disposition include 1.9 million square feet of office properties, 1.8 million square feet of flex properties and 274,000 square feet of industrial properties. Liberty Property has successfully sold its Jacksonville, FL portfolio in its entirety, a portion of the Fort Washington, PA portfolio, and flex properties located in Minnesota.
In October, Liberty Property sealed the $1.475 billion buyout of Cabot Industrial Value Fund III that enhanced its industrial platform by 23 million square feet, according to a Zack's report. The company gained 177 properties in 24 new and existing Liberty industrial markets. Simultaneously, Liberty Property is making concerted efforts to lower its exposure to the suburban office properties market.
For more news and information visit Blumberg Capital Partners.
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