Liberty Property Trust Acquires Two Industrial Buildings in New Jersey
Mt. Laurel, NJ – March 14, 2019 – Liberty Property Trust purchased two industrial buildings last month in New Jersey for a combined investment of $51.8 million.
“Given strong industrial market fundamentals in the region, we have strategically added seven well-located properties to our portfolio over the last year and a half,” said Michael Cohen, senior vice president of investments for Liberty. “These acquisitions deepen our presence in the high-growth New Jersey Turnpike corridor and we look forward to evaluating additional investment opportunities through the balance of 2019.”
Acquisitions expand New Jersey footprint
Liberty added to its Central New Jersey portfolio with the sale leaseback acquisition of 75 Ethel Road in Edison, New Jersey for $12.2 million. The 101,454 square foot building features a 22-foot clear height and is strategically located along I-287 near Exit 10 of the New Jersey Turnpike. Lou and Scott Belfer of CBRE were involved in the transaction.
Liberty also purchased 115 Moonachie Avenue, a “last-mile” property, in the Meadowlands for $39.6 million. The 168,800 square foot multi-tenant building is 100% leased and features 28-foot clear height. It is immediately adjacent to three buildings Liberty previously acquired in two separate transactions in the Meadowlands. Liberty was represented by Tom Monahan, Stephen D’Amato, and Larry Schiffenhaus along with Brian Fiumara of CBRE National Partners in the transaction.
About Liberty Property Trust
Liberty Property Trust (NYSE: LPT) owns and manages more than 7.7 million square feet of wholly-owned and joint ventured industrial space in New Jersey, with holdings along the NJ Turnpike corridor from Southern New Jersey’s Pureland Industrial Park and Commodore 295 Business Center (Exit 2); up through northern Burlington county (Exit 6); Exit 8A in Cranbury; Exit 10 in Edison and Exit 16W in the Meadowlands.
The company 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 106 million square foot portfolio provides productive work environments to 1,200 tenants.
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Released March 14, 2019