Liberty Property Trust's sell-off in suburban Philadelphia continues.
The REIT sold 14 office and light industrial buildings in Renaissance Park, a business campus in King of Prussia, to MLP Ventures (formerly known as O'Neill Properties Group), the Philadelphia Inquirer reports. O'Neill paid $77M for the properties, which totaled 641K SF, in a transaction brokered by Robert Fahey and Jerry Kranzel of CBRE.
Liberty also announced the sale of 2301 Renaissance Blvd., a different part of the same campus, to M&H Properties for $47M Tuesday. The 190K SF building serves as the headquarters of its only tenant, tax software company Vertex. Doug Rodio and Brett Segal led an HFF team in representing Liberty and finding M&H as a buyer.
As Liberty Property Trust has developed some of the most ambitious projects in Philadelphia such as the Navy Yard, the Logan Square towers and both Comcast skyscrapers, it has recently sold off huge chunks of suburban assets, such as a $1B portfolio across four states, with a large portion in Philly suburbs such as Malvern and Horsham, to Workspace Property Trust.
Meanwhile, King of Prussia continues to gain esteem within Greater Philadelphia's office market. With the success of the King of Prussia Town Center and the residential portions of the Village at Valley Forge, the community has become an attractive destination for tenants seeking a price point below top submarkets like the Main Line and Conshohocken.
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