Phoenix – In two separate transactions expected to total roughly $40 million, Liberty Property Trust in Malvern, Pa. (NYSE:LRY, John DiVall, city mgr. for Arizona region) is working to buy 75 acres targeted for 1.5 million sq. ft. of industrial space and a vacant warehouse of almost 600,000 sq. ft. in southwest Phoenix. The unrelated sales are scheduled to close at press time. Representatives of the publicly-traded Liberty Property Trust declined to comment on the pending acquisitions. Sources say Liberty Property Trust is under contract to buy 75 acres within the Buckeye Logistics Center at the northwest corner of Buckeye Road and 67th Avenue. The seller of the land is The Alter Group in Skokie, Ill. That deal, estimated at $11.5 million ($3.50 per foot) is being brokered by Rob Martensen of Colliers International in Phoenix. Look for Liberty Property Trust to use that land to develop multiple buildings ranging from around 350,000 sq. ft. to 600,000 sq. ft. The entire tract is targeted for roughly 1.5 million sq. ft. of warehouse and distribution space. Continue reading
View Larger Map
As reported in:
