By Joshua Burd
Liberty Property Trust has expanded its industrial holdings in New Jersey, acquiring properties in the Meadowlands and Edison for a combined $51.8 million.
The real estate investment trust announced that it had closed on the two buildings, which include 115 Moonachie Ave. in Moonachie. Liberty acquired the 168,800-square-foot, 100 percent leased building for $39.6 million, touting it as a last-mile facility that is immediately adjacent to three buildings it acquired in previous transactions.
CBRE’s Tom Monahan, Stephen D’Amato and Larry Schiffenhaus represented the REIT.
In Edison, Liberty purchased 75 Ethel Road for $12.2 million as part of a sale-leaseback. The 101,454-square-foot building features a 22-foot clear height and sits along Interstate 287 near Exit 10 of the New Jersey Turnpike.
Lou and Scott Belfer of CBRE were involved in the transaction.
“Given strong industrial market fundamentals in the region, we have strategically added seven well-located properties to our portfolio over the last year and a half,” said Michael Cohen, the company’s senior vice president of investments. “These acquisitions deepen our presence in the high-growth New Jersey Turnpike corridor and we look forward to evaluating additional investment opportunities through the balance of 2019.”
Liberty, which is based in Wayne, Pennsylvania, has moved recently to sell off its office portfolio and focus on the red-hot industrial sector. Several recent moves in New Jersey have been key parts of that effort.
