The sales cut Trizec Properties' Atlanta area holdings by 25% to 3.48 million sf. Meanwhile, the REIT has three more suburban Maryland properties totaling 1.12 million sf.
Lakeside Centre had the lowest occupancy among Trizec Properties' seven Atlanta area assets at 79.3%, according to the REIT's most recent earnings report, while Newmarket Business Park's 88.5% occupancy was in line with the rest of the local portfolio. The six-building Lakeside Centre, in Tucker, was built between 1984 and 1990. The eight-building Newmarket Business Park in Marietta was built between 1981 to 1986.
The 216,000-sf Silver Spring Centre, built in 1987, most recently showed occupancy at 98.7%. In addition, Trizec Properties shed a 23-acre development site in Woodbridge, VA for $4.5 million.
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