Liberty Buys 607,000-SF Warehouse at Crossings II

ALLENTOWN, PA-Malvern-based Liberty Property Trust bought Crossings II, a partially leased, 607,000-sf warehouse and distribution center at 860 Nestle Way in the Lehigh Valley West Industrial Park here. The building was completed by Opus East early this year, and, in March, Dallas-based Bombay Co. inked a long-term lease in the facility for 410,208 sf.

Bombay established its Northeast distribution center in the facility, and its lease is valued in excess of $17 million. Liberty’s price for the building is undisclosed.

Simultaneous with the sale, C. Craig Guers, VP of Opus East, announced that groundbreaking will begin immediately on construction of a 429,200-sf warehouse facility on an adjoining 59 acres. It will be the company’s “first initiative” for this land, he says, and he expects it to reach completion in second quarter 2005.