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02/02/2012 07:38 AM

Liberty Property Trust looks to sell High Point business park

By: Caroline Blair

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HIGH POINT -- Executives with the nation's largest publicly-traded office and industrial real estate company met with High Point business leaders Wednesday to discuss their future plans. Liberty Property Trust owns properties in the Triad, Charlotte and Raleigh regions, and now they're looking to make changes.

For more than 20 years, Liberty Property Trust has made its mark in the Carolinas, helping spur economic growth in areas like High Point by building and managing office space where thousands of people work.

"We are very interested in continuing to own office space, particularly in metro-areas, but our focus in the Carolinas has shifted more towards mulch-tenant industrial product,” said Liberty Property Trust's Massie Flippin.

So to help move in that direction, the company is looking to sell its 12-building, 664,000 square foot High Point corporate business park.

"People are continuing to consume goods and products and that's continuing to drive demand for warehouse space,” Flippin added.

The move doesn't come as a complete shock to area business leaders.

"We've known for a long time that the office market in the Piedmont Triad, is saturated, lots of vacant space in the office market, so it's no surprise to hear what Liberty's new strategy is as a nationwide company,” said HP Economic Development Corporation President Loren Hill.

But one that still comes as a letdown to those looking to the future.

"It's disappointing because they've been very active in High Point,” said High Point Mayor pro tem Chris Whitley.

Liberty says they will continue to maintain other properties in the city, but will look for future expansion in the Raleigh and Charlotte markets.

High Point economic developers say they're ready to work with new owners, and look for more ways to bring business to their city.

"We still have office buildings in town, we'll continue to have tenants using that space, but from Liberty's perspective, they won't be involved in it,” Hill said.

Liberty says the sale could be worth $190 million. They have not named their potential buyer.