RICHMOND, VA – Office Properties Income Trust has completed the sale of a property in Richmond, VA for a sale price of $130 million, excluding closing costs.
Office Properties Income Trust president and COO, Chris Bilotto states, "We are pleased with this opportunistic sale at what we believe to be a price reflective of a long-term stabilized property despite the tenant's lease expiring in 2024."
"The $418 per square foot sale is on par with the higher sales comps realized in the market over the past few years," Bilotto adds.
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The sale's proceeds will be utilized by Office Properties Income Trust for general business purposes, including the potential future acquisition or redevelopment of properties.
Office Properties Income Trust is managed by the operating subsidiary of the RMR Group Inc.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
