COLUMBIA, MD—Corporate Office Properties Trusthas announced that it has sold 18 acres of non-strategic land inthe White Marsh submarket and 217 acres of non-strategic land inCharles County. It realized gross proceeds of $28million from the transactions and for the third quarterwill recognize a GAAP gain on sale of approximately $5.5million.
The dispositions represented 37% of COPT's non-strategic landholdings by acreage, the remaining 394 acres of which have a bookvalue of $58 million.
COPT has been on a mission to divest itself of non-strategicassets for several years in order to realign its portfolio. Whileit has made a number of sales along these lines, the REIT still has"some fixing to do in [its] existing portfolio, CEO RogerWaesche said in the company's most recent earnings callthis summer.
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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.
