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Columbia Property exits Dallas, Phoenix markets with 2-property sale

Columbia Property Trust Inc. sold CVS Health Tower in Irving, Texas, and SanTan Corporate Center in Chandler, Ariz., for combined proceeds of $109.5 million.

The sale of the two class A office properties marks the company's exit from the Dallas and Phoenix markets. It brings the company's completed dispositions year-to-date to $660.5 million, in line with its 2016 noncore asset sales target of between $700 million and $1 billion.

The 315,000-square-foot, 12-story CVS Health Tower is mainly leased to CVS Caremark and IBM. Both buildings in the 267,000-square-foot SanTan Corporate Center are fully leased, with SanTan Corporate Center I entirely occupied by Toyota Financial Services, and SanTan Corporate Center II leased to Dialog Semiconductor and several other tenants.