188,800-SF Gateway Crossing Sells for $26M

COLUMBIA, MD-Corporate Office Properties Trust acquired a 188,800-sf office portfolio here from an entity of Wakefield, MA-based REIT Franklin Street Properties Corp. for $26 million. The locally headquartered office REIT picked up Gateway Crossing 95, a six-structure complex within the 630-acre Columbia Gateway Business Park. The property is 92% occupied by eight tenants.

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.