Cabot Properties sold industrial development sites in Houston, Dallas and Baltimore to Liberty Property Trust (NYSE: LRY
) in a deal valued at $14.84 million.
Transwestern brokered the sale of the three-city portfolio totaling 54.02 acres, including a 22.69-acre site in Houston; a 12.7-acre site in Dallas and an 18.63-acre site adjacent to Baltimore-Washington International Airport in the Baltimore, MD area.
The Baltimore site is one of the first non-distressed raw land transactions since the financial collapse of 2008. Liberty Property Trust intends to begin speculative development at the Baltimore property, a first in that market for several years.
"This is a dynamic step in the industrial marketplace," said Mark Glagola of Transwestern, who coordinated the national sales effort. "This is speculative development of new Class A product, something that has not occurred in the market consistently since 2007."
Glagola had support in Baltimore from Tom Gentner and Brian Watts, Brian Gammill in Houston and John Fulton and Henry Knapek in Dallas.