MALVERN, Pa., Sept. 25, 2015 (GLOBE NEWSWIRE) — Liberty Property Trust has negotiated an agreement with Steiner + Associates to purchase Camden Town Center LLC, with the intent to pursue a commercial development on 16 acres of waterfront property in Camden, NJ.
Liberty envisions a transformational mixed-use development that will attract major corporations, employment and substantial third-party investment. Liberty and Robert A.M. Stern Architects have created a master plan for the development which comprises approximately 1.7 million square feet of office space, as well as hotel and residential components. Liberty anticipates the office component of the development will consist of build-to-suit projects, developed for a fee, for corporations seeking to own their own office buildings and to grow their businesses in this environment while taking advantage of the economic benefits offered through the Grow NJ program.
If approved by the New Jersey Economic Development Authority, the purchase of Camden Town Center LLC would confer upon Liberty the exclusive right to acquire and obtain approvals for development of the site. Subject to satisfactory completion of a due diligence process, which is expected to last approximately six months, Liberty would complete the purchase of the entity.
About the Company
Liberty Property Trust (NYSE:LPT) is a leader in commercial real estate, serving customers in the United States and United Kingdom, through the development, acquisition, ownership and management of superior office and industrial properties. Liberty’s 105 million square foot portfolio includes 729 properties which provide office, distribution and light manufacturing facilities to 1,700 tenants.
The statements contained in this press release may include forward-looking statements within the meaning of the federal securities law. These forward-looking statements include statements relating to, among others things, achievement of strategic targets, expectations for our operating results, business and financial condition, business and our growth prospects, as well as statements that are generally accompanied by words such as “believes,” “anticipates,” “expects,” “estimates,” “should,” “seeks,” “intends,” “proposed,” “planned,” “outlook” and “goal” or similar expressions. Although Liberty believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. As forward-looking statements, these statements involve risks, uncertainties and other factors that could cause actual results to differ materially from the expected results. These risks, uncertainties and other factors include, without limitation, uncertainties affecting real estate business generally (such as entry into new leases, renewals of leases and dependence on tenants’ business operations), risks relating to the integration of the operations of entities that we have acquired or may acquire, risks relating to financing arrangements and sales of securities, possible environmental liabilities, risks relating to leverage and debt service (including availability of financing terms acceptable to the company and sensitivity of the company’s operations and financing arrangements to fluctuations in interest rates), dependence on the primary markets in which the company’s properties are located, the existence of complex regulations relating to status as a REIT and the adverse consequences of the failure to qualify as a REIT, risks relating to litigation, including without limitation litigation involving entities that we have a acquired or may acquire, and the potential adverse impact of market interest rates on the market price for the company’s securities, and other risks and uncertainties detailed in the company’s filings with the Securities and Exchange Commission. The company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
CONTACT: General Inquiries: Jeanne Leonard, Liberty Property Trust, 610.648.1704