Liberty Property Trust (NYSE: LRY
) has closed on its disposition of 48 properties totaling roughly 2.6 million square feet of office and flex space along with 19 acres of land to Connecticut-based Greenfield Partners LLC with Somerset Properties for $329.6 million.
The sale marks the final part of the previously announced sale
that saw Greenfield take 49 properties from Liberty in December 2013 for $367.7 million.
See CoStar COMPS #2920492
The second half of this 97-property disposition for Liberty included 2.1 million square feet of office properties and 468,000 square feet of flex properties spread across the Mid-Atlantic. The portfolio was more than 88 percent leased at the time of sale, and included:
The largest property in this sale is the three-building Longview Executive Park (pictured, above) in Hunt Valley, MD. The 256,961-square-foot office campus was built in 1988 at 309-311 International Cir. on 14.1 acres in the Route 83 Corridor North submarket of Baltimore County.
The two sales mark the latest step in Liberty's ambitious asset repositioning program, under which it plans to increase its ownership of industrial property and reduce its exposure to office space in non-core markets.
Analysts noted the Liberty portfolio included properties with significant capital improvement requirements and near-term lease expirations. They expect the REIT's earnings to ramp up over the next several quarters as asset sale proceeds are reinvested.
Please see CoStar COMPS #2946726 for additional information on this transaction.