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TIER REIT off-loads Ky. mixed-use development for $41M

TIER REITInc. sold the Hurstbourne Business Center mixed-use development inLouisville, Ky., for $41 million, with the net proceeds going toward therepayment of its mortgage debt expiring in the near term.

The 418,000-square-foot property consists of the two officebuildings, HurstbournePark and Hurstbourne Place, and the Hurstbourne Plaza retail center.

TIER REIT continues to put the remaining assets in itsLouisville portfolio on the block in order to potentially exit that market bythe close of 2017, President and CEO Scott Fordham said in a release.