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Keystone Gets $11M for 2 Exton Properties

PHILADELPHIA-The West Conshohocken, PA-based company divests its portfolio of two industrial buildings totaling 300,027 sf in order to focus on its core strategy of acquiring big-box warehouse facilities in the Northeast corridor. The buyer is Mobile, AL-based Baker Properties.

By Marita Thomas | Updated on August 12, 2002

PHILADELPHIA-West Conshohocken, PA-based Keystone Property Trust has sold two industrial properties at One and Two Tabas Lane in Exton, PA for $11.4 million to Mobile, AL-based Baker Properties. Keystone realized a gain in excess of $500,000 from the disposition.

One Tabas Lane is 150,027 sf and fully leased to Pittsburgh, PA-based Allegheny Rodney Strip for nine years. Two Tabas Lane is the 150,000-sf headquarters for International Envelope Co., which has five years remaining on its lease.

The buildings do not fit Keystone’s core strategy, which is the development and acquisition of big-box warehouse facilities in the Northeast distribution corridors. “We are continuing to dispose of assets in our portfolio that are not consistent with our focus,” says Jeffrey E. Kelter, president and chief executive officer, in a statement.

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