Keystone Spends $55.6 Mil for Industrial Portfolio; Secures $125-Mil Credit Line

WEST CONSHOKEN, PA-Industrial and office REIT Keystone Property Trust, based here, has completed two major deals: the acquisition of an Allentown, PA business center and completion of a $125-million unsecured credit line.

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.