Liberty Becomes Overnight Player
We found out late yesterday that Pa.-based Liberty Property Trust is making its Atlanta industrial debut by buying a massive portfolio of properties from Cabot Properties. The company announced late yesterday that it plans to buy the operating partnership of Cabot Industrial Value Fund III for $1.4B, including assuming $230M in outstanding mortgage debt. The deal means Liberty gets control of Cabot's 2.2M SF Atlanta industrial portfolio under that fund, the second largest market for it outside of Chicago's 3.2M SF, according to company filings with the SEC. With this pic, we're showing Liberty the skyline so it can memorize the layout before it arrives.