Liberty Property Trust, the Malvern, PA-based real estate investment trust, announced this week that it had purchased three buildings and 139 acres of additional land in La Porte, Texas for approximately $93 million. The property was sold by Port Crossing Commerce Center, a joint-venture of National Property Holdings and ML Realty Partners, which developed the complex together with leasing handled by Colliers International. Liberty purchased the 139 acres of land with plans to add an additional two million square feet of development to Port Crossing Commerce Center. Terms of the deal were not disclosed.
"Strategically, it's been our goal to expand our presence in the southeast/La Porte submarket. We see strengthening fundamentals in this submarket due to one, the positive downstream impact that low oil prices have had on the petrochemical industry, and second, the significant investment and expansion in Houston's port facilities." said Jay Kraft, vice president and city manager for Liberty Property Trust's Houston region in a press release. "With the additional land that will be acquired, we will have the opportunity to leverage our company's expertise in development on the site."
The three 100% leased buildings consist of two rail served and a cross dock building, totaling 921,196 square feet. Phase I development for the 139 acres, which could include a 408,000 square foot cross dock building and a 105,000 square foot rear load building, could commence in 2016.
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