Keystone acquired the 11-building Westpark Business center from J.P. Morgan Investment Management Inc. in a $55.6-million deal. The 1.4 million-sf portfolio is approved for the development of an additional 300,000 sf. The Allentown, PA property is currently 93% leased, with major tenants including J.C. Penney, Kia Motors, Behr Process and TruServ.
According to Keystone president and CEO Jeffrey Kelter, Westpark was purchased with funds realized from the $78-million sale of the McBride portfolio, a 22-building New Jersey office/flex asset.
Kelter says the Westpark buy is "representative of the further execution of our operating plan of recycling investment dollars out of our non-core assets and into synergistic distribution center assets in our core markets."
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