Liberty Property sells Jacksonville holdings for $197M to Greenfield Partners

Monday, December 30, 10:46 AM EST

By Karen Brune Mathis, Managing Editor

The mortgage and deeds were recorded Friday with the Duval County Clerk of Court. The seven deeds comprising the properties were made Dec. 21 and the mortgage on Dec. 24.

Documents show Greenfield Partners bought the properties through four limited partnerships for $197,500,000. JPMorgan Chase Bank and German American Capital Corp. issued a mortgage and security agreement to the partnerships for $157.5 million.

Greenfield says on its greenfieldpartners.com site that it was established in 1997 by Eugene Gorab and "has since become one of the leading real estate investment managers in North America."

The firm says it manages capital on behalf of its principals and limited partners and has secured capital commitments in excess of $4 billion. Its partners include state and corporate pension plans, university endowments, private foundations and high net worth individuals.

Liberty Property Trust, based in Malvern, Pa., near Philadelphia, announced Nov. 7 it had agreed to sell 97 properties in five states, including all of its Jacksonville holdings. The Jacksonville portfolio totals more than 2.1 million square feet of developed space.

The $705 million sale of all 97 properties was expected to be completed in stages late this year and early next year. Liberty Property did not identify the buyer at the time.

In addition to Liberty's entire Jacksonville portfolio, the sale includes all of the 23 office properties in Maryland, 24 in Southern New Jersey and six in the Fort Washington submarket of Philadelphia as well as 12 flex properties in Minnesota.

The Jacksonville properties primarily are in the Southpoint and Butler Boulevard area of South Jacksonville along with the 115 acres along Imeson Road in West Jacksonville.

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Liberty Property sells Jacksonville holdings for $197M to Greenfield Partners