The New York properties are located in the Albany (10 properties), Syracuse (15 properties) and Rochester (four properties) markets. Nineteen are office assets totaling 1.3 million sf and the remaining 10 are industrial buildings totaling 1.2 million sf. Out-of-state assets included in the sale include five properties located in Central Ohio and Pennsylvania.
Upon closing, the buyer will assume $115 million of fixed rate mortgage debt and Keystone will retain a $25 million mezzanine investment.
"The Company started with a focus on office and industrial properties," says Keystone president and CEO Jeffrey E. Kelter. "We have been successful at establishing leadership positions and generating compelling returns within our core industrial markets. We did not generate comparable results in our Upstate New York portfolio and our office properties in particular. Consequently, we stated in early 2001 that our goal was to exit the office business and the bulk of our non-core markets over the 3-year period culminating in 2003. This transaction will enable us to focus 100% of our efforts on our industrial business.
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