COLUMBIA, MD–Corporate Office Properties Trust has sold its remaining properties and land in the White Marsh submarket of Baltimore County for $47.5 million, thus completing its programmatic selling for the year.
The portfolio was approximately 412,500 square feet that, at June 30, 2017, were 94.8% occupied. This transaction brings COPT's dispositions for the year to $103 million, which is in-line with its guidance.
Read COPT's Recent $53M Sales Put It Halfway to 2017 Disposition Goal
COPT's guidance for 2017 was that it would make between $80 million to $90 million in asset dispositions and about $20 million in land sales. Strong sales in the first half of the year put it halfway to its disposition goal. In mid-January, it sold 5.3 acres of land for $14 million and in February it closed on the sale of 3120 Fairview Park Dr., a 190,500-square foot office in the Merrifield submarket, for $39 million.
At the time of the Fairview Park Dr. sale it said that it had an additional $10 million of asset sales under contract and $37 million to $47 million in contract negotiations.
COLUMBIA, MD–Corporate Office Properties Trust has sold its remaining properties and land in the White Marsh submarket of Baltimore County for $47.5 million, thus completing its programmatic selling for the year.
The portfolio was approximately 412,500 square feet that, at June 30, 2017, were 94.8% occupied. This transaction brings COPT's dispositions for the year to $103 million, which is in-line with its guidance.
Read COPT's Recent $53M Sales Put It Halfway to 2017 Disposition Goal
COPT's guidance for 2017 was that it would make between $80 million to $90 million in asset dispositions and about $20 million in land sales. Strong sales in the first half of the year put it halfway to its disposition goal. In mid-January, it sold 5.3 acres of land for $14 million and in February it closed on the sale of 3120 Fairview Park Dr., a 190,500-square foot office in the Merrifield submarket, for $39 million.
At the time of the Fairview Park Dr. sale it said that it had an additional $10 million of asset sales under contract and $37 million to $47 million in contract negotiations.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
