"This sale represents the continuation of our strategy to dispose of assets located outside of core markets and provides the opportunity to recycle capital into acquisitions and development in our higher growth markets," says Randall M. Griffin, COPT's president/CEO. "We've sold $27 million in properties year-to-date versus our stated annual goal of $100 million." The identity of the buyer was not disclosed.
Built in 1967, 68 Culver Rd. was acquired by COPT in 2000. Formerly occupied by soap manufacturer Miranol Inc., the property was remediated as a superfund site and subsequently converted to offices. The location was occupied, for a time, by AT&T.
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