Liberty Property Trust Acquires a Vacant, Lehigh Valley, PA Warehouse and Signs a Lease for 63% Occupancy the Day After Closing

Liberty Property Trust LRY, has announced it has purchased a 535,000 square foot, Class A distribution property at 7533 Industrial Park Way in Macungie, PA for a total investment of approximately $32 million, which includes approximately $8 million in transaction-related costs and anticipated costs associated with leasing the property to achieve stabilized occupancy. The transaction closed on June 20, 2011. With the exception of one, short-term lease which has terminated, the property has been vacant since it was developed five years ago. The day after the purchase, Liberty executed a long-term lease for 63% of the building (337,500 square feet of space). The new tenant will take occupancy on January 1, 2012.