ColumbiaProperty Trust Inc. sold a property in the Washington, D.C., suburbof Gaithersburg, Md., for gross proceeds of $48 million.
The 40-acre property at 800 N. Frederick Ave. houses a 393,000-square-footoffice building, a former IBM data center. The buyer, SunCapProperty Group, intends to redevelop the property into a distribution center.
Columbia will use the proceeds to trim borrowings on itsrevolving credit facility.
Columbia Property President and CEO Nelson Mills said in anews release that: "This disposition is in keeping with our strategy toshift the portfolio to central business districts in the nation's high-barriermarkets."