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Liberty Pays $60M for Nine Properties

MALVERN, PA-Since Sept. 30, the REIT has gained approximately 537,000 sf for an average of $111.73 per sf. One building is here; four are in Horsham, PA; three are in Maryland; the other in Virginia Beach.

By Marita Thomas | Updated on November 12, 2003

MALVERN, PA-Locally based Liberty Property Trust has acquired nine properties, totaling approximately 537,000 sf, for about $60 million, or $111.73 per sf. They are located in four markets in three states and were acquired by Liberty since Sept. 30.

The largest acquisition is a group of three, class A, multi-story office buildings with an aggregate of 296,000 sf in North Park Business Community in Hunt Valley, MD. The portfolio is 95% leased with KCI Technologies, URS Greiner, Group Benefits Services and GE Capital among the tenants.

Liberty plans to renovate the four office buildings, totaling 160,000 sf, in Horsham (PA) Business Center. They are currently 55% leased. GMAC Mortgage Corp., Arrow Electronics and Stroehmann Bakeries are tenants. This center is adjacent to Pennsylvania Business Campus in which Liberty has significant holdings.

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