COPT relied on its unsecured line of credit to make the purchase. The REIT closed the $300-million unsecured revolving credit facility last year. For its part, the seller plans to use the proceeds of the disposition to "equitize" a recently acquired two-building, 199,000-sf office property in Colorado.

Located within close proximity to Interstate 95 and Route 175, Gateway Crossing's buildings all have addresses on Columbia Gateway Dr. and are of varying sizes, featuring 46,800 sf, 22,000 sf, 38,200 sf, 46,000 sf in a dual-structure facility, and 36,800 sf of space. With this acquisition, COPT's ownership at the park increases to 23 structures accounting for nearly 1.4 million sf.

And that figure is scheduled to soon grow in size again, as the company is currently developing two structures totaling 210,100 sf. "The company now owns 46% of the office component of the largest business park in Howard County, MD," says COPT president and CEO Randall M. Griffin.