Bill Hankowsky, chairman and chief executive officer of Liberty Property Trust (Photo composite)
MALVERN, PA—Continuing with its announced transition from office properties to a singular focus on industrial properties, Liberty Property Trust has sold four fully-leased office properties encompassing 568,658 square feet in Malvern, PA, for $173.1 million. The properties consist of: 50 Morehall Road, 117,000 square feet; 60 Morehall Road, 117,000 square feet; 425 Old Morehall Road, 201,658 square feet; and 1001 Cedar Hollow Road, 133,000 square feet. Liberty did not identify the buyers.
With this transaction, Liberty has executed $742.4 million in office sales in 2018.
In reporting Liberty's financial results last month, Bill Hankowsky, chairman and chief executive officer, highlighted the REIT's shift into industrial assets.
“Consistent with the opportunities we see in the marketplace, we intend to complete our strategic shift by monetizing our remaining, high-quality office assets and focusing our efforts and capital solely on our industrial platform,” Hankowsky says.
CBRE Capital Markets' Institutional Properties team, led by Robert Fahey and supported by Jerry Kranzel, Erin Hannan and Jack Corcoran, represented Liberty in the marketing and sale negotiations.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
