Malvern, PA-based Liberty Property Trust expanded its footprint in the Triangle market to 1.4 million square feet with the acquisition of the Imperial Center in Durham, NC for $44.25 million, or approximately $63 per square foot.
Imperial Center is a five-property industrial campus consisting of the 123,604-square-foot Windsor Place at 4227 Surles Ct.; the 111,909-square-foot Commerce Center at 4300 Emperor Blvd.; the 169,520-square-foot Regent Place at 1000 Parliament Ct.; the 150,332-square-foot Bedford Place at 4226 Surles Ct.; and the 150,000-square-foot Edinburgh Place at 4234 Surles Ct.
The properties total 705,365 square feet and are 94% occupied by an array of industrial tenants including Assuramed, Design Distributing, ProBuild and the Research Triangle Institute, according to CoStar information.
The campus is located immediately west of the I-40 and I-540 interchange within close proximity to the Raleigh-Durham International Airport and Liberty's Keystone Business Park portfolio, which is also currently 100% occupied.
With the acquisition, Liberty now owns seven million square feet of multi-tenant industrial space in the Carolinas, including 1.9 million square feet in the Piedmont Triad, 2.6 million square feet in Charlotte and 1.1 million square feet in Greenville, SC.
Chris Norvell, Bill Simerville, Scott Humphrey and Patrick of Nally of Cushman & Wakefield Thalhimer, along with David Meline of Cushman & Wakefield of Georgia, brokered the transaction on behalf of Irvine, CA-based Crown Realty & Development, which had acquired the Imperial Center in a 14-property purchase in December 2007 for $115 million.
Please see CoStar Comp #3046261 for more information on the transaction.