Liberty Property Trust pays $51.8M for pair of industrial assets

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A Wayne, Pennsylvania-based real estate investment trust completed a two-building acquisition in Bergen and Middlesex counties last week totaling 270,254 square feet, REBusiness Online reported. Liberty Property Trust’s acquisitions included 115 Moonachie Avenue in Moonachie for $39.6 million and 75 Ethel Road in Edison for $12.2 million. CBRE Group’s Tom Monahan, Stephen D’Amato and Larry Schiffenhaus represented Liberty in the Moonachie purchase, which added 168,800 square feet to Liberty’s portfolio in the Meadowlands, while Lou and Scott Belfer handled the REIT’s expansion in Edison, where Liberty snagged a 101,454-square-foot, 22-foot clear property along I-287. Real Estate NJ reported that Liberty’s acquisition in Edison comes just a few months after the firm bought the 369,000-square-foot 1 Truman Drive South for an undisclosed sum from Cohen Asset Management and JPMorgan Asset Management. The Real Deal reported last month on New Jersey’s booming industrial property market and a 2018 fourth quarter market report by CBRE found that the Meadowlands and Exit 10 submarkets leased 2.5 million square feet and 5 million square feet, respectively, last year. Liberty was once a leading developer along the Camden waterfront in South Jersey, but the REIT announced in late 2018 that it would shed its assets in the city and nearby Philadelphia in order to focus on expanding its industrial portfolio nationwide. [REBusiness Online]