Malvern, PA-based Liberty Property Trust announced that it has completed the sale of a 713,585 square foot industrial property at 8201 Chancellor Drive for $35.5 million, marking one of the largest deals in the Orlando-area market in five years. Liberty originally purchased the 713,585 square foot warehouse distribution facility for a total investment of $23.6 million in September 2010, when the drugstore chain CVS had the building 100% leased; Liberty completed a long-term renewal of the lease with the tenant last year. Frank Fallon, Mike Hines and David Murphy of CBRE represented Liberty in the transaction; the unnamed buyer was advised by Exan Capital LLC.
"Liberty remains very committed to the Orlando market and we continue to focus on growing our industrial portfolio," said Stephen Whitley, senior vice president and city manager for Liberty in Orlando. "We have just developed two new buildings and there are more in the planning stages." Liberty, an $8 billion, publicly traded REIT, currently owns and manages 3.6 million square feet of industrial space in Orlando.
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