Keystone Property Trust Announces Acquisition in Pennsylvania
October 30 2003 - 4:56PM
PR Newswire (US)
Keystone Property Trust Announces Acquisition in Pennsylvania WEST
CONSHOHOCKEN, Pa., Oct. 30 /PRNewswire-FirstCall/ -- Keystone
Property Trust announced today that it acquired, in conjunction
with joint venture partner Mercantile-Safe Deposit and Trust
Company, as Trustee for the AFL-CIO Building Investment Trust (the
"BIT"), a 822,500 square foot distribution center at 861 Nestle Way
in Allentown, Pennsylvania for approximately $34.2 million. A.
Donald Chase, Jr., Senior Vice President of Keystone, commenting on
the transaction, stated, "We are pleased to acquire one of the
highest quality buildings in Eastern Pennsylvania. 861 Nestle Way
was built in 2000 and features 33' clear heights, an ESFR sprinkler
system, pre-cast concrete construction, cross-dock loading, 200
tailgate loading doors and ample trailer parking capability. In
addition, this building benefits from extensive frontage on
Interstate 78 in one of the premier planned industrial parks on the
East Coast. Its location in the Lehigh Valley affords distribution
access to all the major Eastern U.S. consumer markets within a
one-day drive. This transaction is our second new investment with
the BIT, bringing the year-to- date investment activity in our
joint venture to almost $75 million." Keystone Property Trust, with
headquarters in West Conshohocken, Pennsylvania, is a fully
integrated real estate investment trust with a current portfolio of
126 properties, including properties under development, aggregating
over 30 million square feet in the Eastern half of the United
States. For more information, contact Aleathia M. Hoster at (212)
527-9900, send email to or visit the Company website at
http://www.keystoneproperty.com/. This press release may contain
statements which constitute forward looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including statements regarding the intent, belief or current
expectations of the Company, its trustees, or its officers with
respect to the future operating performance of the Company and the
result and the effect of legal proceedings. Investors are cautioned
that any such forward looking statements are not guarantees of
future performance and involve risks and uncertainties, and that
actual results may differ materially from those in the forward
looking statements as a result of various factors. Important
factors that could cause such differences are described in the
Company's periodic filings with the Securities and Exchange
Commission, including the Company's Form 10-K and quarterly reports
on Form 10-Q. DATASOURCE: Keystone Property Trust CONTACT: Aleathia
M. Hoster of Keystone Property Trust, +1-212-527-9900, or Media
Contact: Michael Beckerman, +1-908-781-6420, Web site:
http://www.keystoneproperty.com/
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