Liberty Property Trust has purchased five industrial buildings in the Minneapolis area.
The five buildings came from the closing of Liberty Property’s acquisition of the operating partnership of Cabot Industrial Value Fund III for a purchase price of $1.475 billion.
Locally, the purchase includes five industrial buildings in the Minneapolis area totaling 438,222 square feet of space. The move brings Liberty’s total industrial ownership in the Twin Cities to more than 3.4 million square feet.
“This acquisition propels us forward, furthering our goal of significantly growing our industrial footprint in the Twin Cities,” said Dave Jellison, vice president and city manager of Liberty Property Trust, in a written statement.
Two of the buildings are in Plymouth, Minn., where the company owns seven other properties, most in the Nathan Lane Tech Center and Northwest Business Campus. Two more are in the southwest submarket in Hopkins, Minn., near where Liberty has a large concentration of property in Eden Prairie and Minnetonka. The fifth is in southeast submarket in Eagan, Minn., where Liberty owns three industrial buildings.
