Central Pa. sites part of Liberty's $1.5B purchase
Chester County-based Liberty Property Trust has added about 23 million square feet and 177 properties to its portfolio — including more than 1.1 million square feet in Central Pennsylvania — with the purchase of the Cabot Industrial Value Fund III.
The trust, which already owns several properties in the midstate, closed Tuesday on its nearly $1.5 billion purchase.
The three Central Pennsylvania properties in the fund are at 7195 and 7253 Grayson Road in Swatara Township, and 1475 Nitterhouse Drive in Chambersburg. The latter is a Kmart distribution center.
That fund from Boston-based Cabot Properties Inc. is spread across 24 industrial markets across the country and in the United Kingdom. The largest piece is in Chicago, with more than 3.2 million square feet.
Liberty’s portfolio is now up to 106 million square feet and 843 properties that provide office, distribution and light manufacturing to 2,100 tenants.
The trust is developing a Procter & Gamble distribution center off Interstate 81 in Southampton Township, Franklin County. The cost of that Shippensburg area project is $93 million.