Liberty Property Trust has sold seven properties at the Great Valley Corporate Center to Philadelphia Suburban Development for $10.2 million, writes Natalie Kostelni for the Philadelphia Business Journal.
The sale marks Liberty’s exit from an office park it created in Malvern.
The sold properties are a mix of vacant office buildings and land. The undeveloped parcels give the buyer the potential to leave its mark on Great Valley if it decides to develop them.
According to Joseph J. Ferrier, co-CEO of PSDC, this is the first time the company has owned real property in Great Valley. Since Malvern is a new area for it, the company is in no rush to start development.
“We have three buildings and three development sites,” said Ferrier. “We’re going to take our time.”
The properties were put on the market in November. The move was a part of Liberty’s previous decision to focus primarily on owning industrial real estate. Since then, Liberty has methodically sold off its office properties both throughout the region and the state.
In the past seven years, Liberty has sold around 50 properties in Great Valley for more than $500 million.
Read more about the sale in the Philadelphia Business Journal here.