Liberty Property Trust Sells More Than a Half-Million Square Feet of Its Vanguard Portfolio
Liberty Property Trust has sold part of its portfolio of Vanguard buildings in Malvern for $173.1 million, writes Natalie Kostelni for the Philadelphia Business Journal.
The four buildings were acquired by Arch Street Capital on behalf of Soor Capital of Kuwait. The buildings at 50 Morehall Road, 60 Morehall Road, 425 Old Morehall Road, and 1001 Cedar Hollow Road total 568,658 square feet.
Earlier this year, Liberty put a portfolio of eight buildings on the market in the Great Valley Corporate Center that were leased on a long-term basis to Vanguard. The buildings that total 884,000 square feet were expected to fetch upwards of $250 million.
However, the company decided to split the portfolio, with Soor Capital buying the buildings with the longest leases. The purchase includes a building developed by Liberty for Vanguard four years ago.
The remaining buildings are being sold to different buyers. They include 700 Chesterfield Parkway, 600 Chesterfield Parkway, 100 Chesterfield Parkway, and 14 Lee Boulevard.
Their sale remains on track for this year, according to a Liberty spokeswoman.
Read more about the sale in the Philadelphia Business Journal here.
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