Tuesday, September 1, 2015

Liberty sells Mt Laurel building at $40/sq ft

8000 Commerce Parkway sold to Monterey group

Liberty sells Mt Laurel building at $40/sq ft

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Monetery LLC property group paid $2.17 million for this 54,185 square-foot, single-story block and metal flex building in Mt. Laurel´s Greentree North Business Campus. (Photo from wolfcre.com)
Monetery LLC property group paid $2.17 million for this 54,185 square-foot, single-story block and metal flex building in Mt. Laurel's Greentree North Business Campus. (Photo from wolfcre.com)

Liberty Property Trust, Malvern (corrected), has sold 8000 Commerce Parkway, a Mount Laurel that provides "flexible" space (office or warehouse), to the locally-based Monterey LLC property group. Leor Hemo of Wolf Commercial Real Estate represented the buyer, according to spokesman Andrew Becker.

Monterey agreed to pay $2.167 million, or $40/sq ft for the 54,185 sq ft property. Given the weak market demand for all but the highest-end suburban commercial properties, Liberty has lately been selling suburban office and "flex" space and buying warehouses. 

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PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

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