The Real Deal Miami

Liberty takes out two mortgages on Weston warehouses

Tenants include cruise line giant and pharmaceuticals distributor

January 07, 2016 12:00PM
By Sean Stewart-Muniz

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The warehouses at 2935 and 2945 West Corporate Lakes Boulevard in Weston

The warehouses at 2935 and 2945 West Corporate Lakes Boulevard in Weston

The Liberty Property Trust just inked a deal for $27 million in financing for two Weston warehouses — both of which are leased out to major tenants.

Both loans were issued by the Athene Annuity & Life Company, based in Iowa, public records show. The bigger of the two is for $17.451 million and covers the 270,917-square-foot warehouse at 2935 West Corporate Lakes Boulevard.

George J. Alburger, Jr., CEO of the Liberty Property Trust

George J. Alburger, Jr., CEO of the Liberty Property Trust

That building is occupied by leisure giant Royal Caribbean Cruises, which uses the warehouse as its southeast logistics center. Broward County records show Liberty will owe a lump sum of $16.2 million in balance when the loan matures in May 2021.

The smaller $9.9 million loan covers the smaller warehouse: Located at 2945 West Corporate Lakes Boulevard, the 128,840-square-foot building is occupied by Actavis, a global pharmaceutical company that distributes its products from warehouses like this one in Weston.

The terms of the mortgage show that Liberty will owe nearly $9.2 million in principal when the loan matures in May 2021.

Liberty is an $8 billion real estate investment trust based in Malvern, Pennsylvania. The trust owns about 106 million square feet of commercial space throughout the U.S. as of September, and has been an active real estate player since it was founded in 1972.

Recently, the REIT sold one of its Fort Lauderdale office buildings for just under $15 million. Liberty reported a stiff earnings drop in early 2015, when compared to 2014.

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