Liberty Sells 300,000 SF for $35M

GREENVILLE, SC-Liberty Property Trust has completed the sale of Independence Corporate Park, which consists of six class A office buildings and an amenity center totaling 300,000 square feet. The Malvern, PA-based REIT sold the property to Boston-based Intercontinental Real Estate Corp. for $35 million.

“This sale plays into our strategy to focus on multi-tenant industrial space and reduce our office presence in the Carolinas,” Massie Flippin, Liberty vice president and city manager for the Carolinas region, tells GlobeSt.com. “We have had success over the years with quality industrial properties. With the strong demographics in the Interstate 85 corridor between Raleigh and Greenville, we felt we could continue forward with development in those positions. With population and job growth, those areas will be in need of more local distribution.”

Liberty still holds one office building as part of its Greenville portfolio: Timken Technlogy Center at 7 Research Drive, which is 100% leased to Timken Co. That property is currently being marketed, says Flippin. Currently the trust holds more than five million square feet of office and industrial space throughout the Carolinas, serving more than 130 tenants.