ODENTON, MD—Canadian REIT Agellan Commercial is selling a 70,000-square foot single-tenant industrial building here for $11.3 million, and a 6.5% cap rate. The property is located at 8271 Anderson Ct. It didn't name the buyer.
The REIT did report that the sale price represents an increase of approximately $800,000 or 7.6%, from the purchase price paid by the REIT when it acquired the property in January 2013 along with its initial public offering.
"The REIT intends to redeploy the capital from this disposition into higher yielding investments with upside potential," says CEO Frank Camenzuli, in a prepared statement.
It plans to focus on multi-tenant properties. The REIT is currently engaged in discussions, and has various agreements, regarding possible acquisitions of new properties, as well as further dispositions of existing properties in its portfolio.
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