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JV to Sell Century Park Asset for $29.8M

SAN DIEGO-The joint venture entity of Shelbourne Properties I Inc. and Shelbourne Properties II Inc. has agreed to sell its Century Park I Office Complex. At closing, $20 million will be paid to the lender to release the lien against the property.

By Erin Cassin | Updated on April 02, 2003

SAN DIEGO-The joint venture entity of Shelbourne Properties I Inc. and Shelbourne Properties II Inc. has entered into a contract to sell its Century Park I Office Complex for $29.8 million.

The office property, which is located on Century Park Court in Kearny Mesa, is expected to trade hands in the second quarter of 2003. Once seller Century Park I Joint Venture disposes of the asset, it will use $20 million of the net proceeds to pay the lender. The lien will then be released on the property, pursuant to the terms of the loan obtained by Shelbourne Properties I, Shelbourne Properties II and Shelbourne Properties III Inc.

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