Liberty Buys Nine-Acre Lot in Mill Run Center

ALLENTOWN, PA-Malvern, PA-based Liberty Property Trust buys Lot #9, an 8.9-acre lot in the Mill Run Corporate Center near here for approximately $750,000, or about $84,175 per acre, from locally based Lehigh Cement Co. This leaves two remaining lots in the 150-acre, 17-lot industrial park, which is located between Rte. 100, Mill Rd., and Tilghman St., a mile north of I 78.

This is Liberty’s third acquisition in the Lehigh Valley within the past 60 days. It previously acquired two fully leased buildings on Boulder Drive and a warehouse/distribution center on Nestle Way in Crossing II, which is 68% leased to Bombay Co. All three of the properties, which aggregate just over 1.4 million sf, are in Lehigh Valley West Industrial Park in the Fogelsville section of Allentown.

In September, Liberty acquired a 500,000-sf industrial building in Fogelsville. At present, the REIT owns approximately 10 million sf of industrial space in the Lehigh Valley. Locally based Summit Management and Realty Co. represented both Liberty and Lehigh Cement in the land sale. The property is zoned light industrial.