Massive Philly warehouse sold
Value almost doubled in 5 years
By Inman News, Tuesday, March 14, 2006.Liberty Property Trust recently sold a 1 million-square-foot distribution facility in Philadelphia, Pa., for approximately $90.1 million.
Capital Lease Funding Inc. purchased the property, which is located at 2760 Red Lion Road. The TJX Cos., for whom Liberty developed the property in 2001, occupied the space at the time of sale.
"The sale of this property, which Liberty developed for $49 million, is consistent with Liberty's active capital recycling program, and is a perfect example of the value creation machine at Liberty," said Bill Hankowsky, Liberty's chief executive officer.
Liberty Property Trust's 64 million-square-foot portfolio includes more than 700 office, distribution and light manufacturing properties.
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