Company officials say the sale of the property generated a $2 million gain on sale, which Great Lakes expects to defer through the completion of a 1031 exchange transaction. The company intends to reinvest the proceeds in additional acquisitions this year.

"The buyer of the Burlington office property approached us with an attractive transaction proposal. The sale of the property will allow us to reinvest the proceeds in transactions we believe will have greater long-term value for our shareholders," says chief executive officer Dick May. "The sale will contribute about $0.12 to earnings per share for the third quarter, but will have little impact on funds from operations since gain or loss on sales is not included in that performance measure."

Great Lakes owns and manages suburban office properties ranging in size from 36,000 sf to 370,000 sf. The current portfolio consists of 37 properties aggregating approximately 5.4 million sf in suburban Chicago, Cincinnati, Columbus, Denver, Detroit, Milwaukee and Minneapolis/St. Paul.