COPT Sells Five White Marsh Assets for $19.2M
Posted February 2, 2012
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8114 Sandpiper Circle
Corporate Office Properties Trust (COPT) (NYSE: OFC) has sold five buildings in the White Marsh submarket of Greater Baltimore, MD, for $19.2 million, or $18.5 million, net.
The White Marsh buildings total 163,000 square feet were 83.2 percent leased at the end of the fourth quarter. Four of the five buildings were constructed in the mid-to-late 1980s.
The assets are as follows:
• 7939 Honeygo Boulevard - 28,000 SF
• 8133 Perry Hall Boulevard - 28,000 SF
• 7923 Honeygo Boulevard - 23,000 SF
• 8114 Sandpiper Circle - 46,000 SF
• 8615 Ridgely's Choice Drive - 38,000 SF
The White Marsh buildings were part of the Strategic Reallocation Plan (SRP) announced by COPT management in April 2011.
SEE: COPT to Accelerate Asset Dispositions (April 2011)
Of the $512 million of operating properties in the SRP, COPT has sold $95.9 million of buildings and adjacent land containing approximately 1.15 million square feet, and realized net proceeds of $88.5 million.
SEE: COPT Board Approves Second Strategic Reallocation Plan (December 2011)
citybiz real estate will report on the broker and buyer on this deal when that information is available.
COPT also sold a building which was shell-complete in 2010 in San Antonio, TX, for $15.5 million ($15.1 million, net). The 95,000 square foot San Antonio building was built by COPT as part of Sentry Gateway, an office campus that supports a government demand driver in the San Antonio Northwest submarket. At the time of sale, the building was vacant.
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