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Office Properties Income Trust sells 7 office buildings for $205.4M

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Capital Markets View – January 2021


Office Properties Income Trust sells 7 office buildings for $205.4M

Office Properties Income Trust sold seven office properties across five U.S. states for a total of $205.4 million, excluding closing costs, in December 2019 and January 2020.

The office real estate investment trust plans to use the sale proceeds for debt repayment, among other general business purposes.

In December 2019, the REIT sold the 122,646-square-foot building at 2149 W. Dunlap Ave. in Phoenix; the 148,488-square-foot building at 4181 Ruffin Road in San Diego; the 75,621-square-foot building at 6448-6450 Via Del Oro in San Jose, Calif.; the 170,817-square-foot building at 400 State Ave. in Kansas City, Kan.; and the 497,477-square-foot building at 1001 Noble Energy Way in Houston.

In January, the company sold the respective 34,356-square-foot and 30,300-square-foot buildings at 2721 and 2723 Jefferson Davis Highway in Stafford, Va.

The trust also said it expects to close the sale of four additional properties aggregating $72.1 million in the first quarter.