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Liberty Property sells 5 office properties for $46M, buys 2 assets for $60M

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Liberty Property sells 5 office properties for $46M, buys 2 assets for $60M

Industrial landlord Liberty Property Trust sold five office properties in Malvern, Pa., for $45.8 million and purchased two industrial properties in Southern California for $60.2 million.

Liberty executed $795.2 million in sales and $496.7 million in industrial property purchases in 2018.

The sold properties span 335,866 square feet and include 100 Chesterfield Parkway, 600 Chesterfield Parkway, 700 Chesterfield Parkway, 14 Lee Boulevard and 12-16 Great Valley Parkway.

The two industrial properties purchased are the fully occupied, 128,581-square-foot 15025 Proctor Ave. in the City of Industry and the 318,989-square-foot development property, 520 E. Orange Show Road, in San Bernardino.

Separately, Liberty financed a portfolio of 13 industrial properties in the U.K. with a £129.5 million, 10-year, 2.64% interest-only loan in conjunction with its £111 million acquisition of a 1.1 million square foot industrial portfolio in October.

The debt was used to repay short-term borrowings used to fund seven of the 13 properties acquired, as well as portions of Liberty's existing U.K. industrial portfolio.