CHICAGO—As part of a repositioning program that will see it divest up to $3 billion of non-core assets by the end of 2017, Equity Commonwealth said Monday it had completed the sale of two portfolios for a combined sales price of $793 million. The buyers of the portfolios, which total 51 properties and 8.3 million square feet, were not disclosed.

In an investor presentation that was prepared in connection with NAREIT's REITWeek conference in New York City, EQC shed some additional light on the two portfolios. The larger of the two by square footage and number of assets was a 45-property collection of small office and industrial assets that average 100,000 square feet each. The portfolio, which traded for $376 million at a cap rate in the high 7% range, averages 77.5% leased, with occupancy higher in the 11 industrial properties than in the portfolio's 34 office assets.

Simultaneously, EQC sold a six-property office portfolio totaling three million square feet, for a gross sales price of $417 million and a low-8% cap rate. These properties are located in Birmingham, AL; New Orleans; Columbia, SC; and Greensboro, NC. The per-square-foot sales price on these assets was nearly twice that of the mixed office/industrial portfolio: $138, compared to $71 per square foot for the larger portfolio.

Year-to-date, EQC has sold $817 million of assets, encompassing 56 properties and nine million square feet. The company currently has another three office properties under contract, for approximately $35 million encompassing 270,000 square feet. Additionally, there are 32 properties comprising 10 million square feet in various stages of marketing.

What will remain after these two sales is a portfolio that runs higher in terms of average building/property size, occupancy and annualized rental revenue per square foot, according to EQC's investor presentation. Longer term, market conditions will determine whether EQC is successful at selling $3 billion worth of properties  over the next two-and-half years or comes in closer to $2 billion.

“There's a shortage of investible opportunities and if we get lucky, we're going to hit the high end of the range,” Sam Zell, who took over as board chairman in 2014, said on a recent conference call with analysts. “And if we don't get lucky, we'll hit the low end of the range.”

Zell implemented the repositioning plan, which also includes paring the REIT's leverage, in the months after he took the reins of an all-new board. In May, Moody's Investors Service upgraded the company's outlook to “stable” from “negative.”