Liberty Property Trust recently announced it has entered into a definitive agreement to acquire the operating partnership of Cabot Industrial Value Fund III.
The purchase price of the portfolio is $1.5 billion, including net transaction expenses and estimated capital expenditures. Upon completion of the transaction, which is expected in October 2013, Liberty’s industrial portfolio will increase by approximately 23 million square feet in 177 properties in 24 new and existing Liberty industrial markets.
According to The Minneapolis / St. Paul Business Journal, the Cabot Industrial Value Fund III portfolio includes the following Twin Cities buildings, which total more than 438,000 square feet: 907 Lone Oak Road, Eagan, 134,000 square feet; 5905 Trenton Lane North, Plymouth, 100,000 square feet; 6055 Nathan Lane, Plymouth, 99,000 square feet; 1515 6th St. South, Hopkins, 62,000 square feet; and 1660 5th St. South, Hopkins, 43,000 square feet.
“This acquisition is a compelling opportunity to increase both the size of Liberty’s industrial platform and its scope,” said William Hankowsky, chairman & CEO of Liberty. “With approximately 58 percent of this portfolio located in Liberty’s current markets and approximately 21 percent in the target markets of Atlanta, Dallas and Southern California, we are expanding into three of the top five national industrial markets. So with one transaction we significantly deepen our current industrial presence while extending our footprint to a national level.”
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