The $705 million sale is expected to be completed in stages –– late this year and early next year. Liberty Property did not identify the buyer.
The properties are primarily in the Southpoint and Butler Boulevard area of South Jacksonville. Liberty Property also owns about 120 acres along Imeson Road in West Jacksonville.
Among its most recognized developments are Center Point Business Park, Butler Plaza and Liberty Business Park.
Liberty Property Trust, based in Malvern, Pa., outside of Philadelphia, is a $7.3 billion real estate investment trust and owns more than 660 office and industrial properties, totaling 80.6 million square feet of space in more than 21 markets in the United States and the United Kingdom.
It owns a land bank of almost 1,800 properties zoned for commercial development.
Founded in 1972, it develops, acquires, leases and manages properties.
Its Jacksonville office, led by manager Michael Heise, has a staff of 13 in property management and leasing and development, according to its website.
by Karen Brune Mathis, Managing Editor Financial News & Daily Record