KTR Keystone Prop Tr

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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