RESTON, VA—Atlanta-based Columbia Property Trust has finally sold 1881 Campus Commons for gross proceeds of $65 million after it sat on the market for ten months.
The sale of the property is part of the REIT's move to transition to a portfolio consisting of high-barrier, CBD assets. In a prepared statement, CEO Nelson Mills said the pricing it is getting for the building, which is now 91% occupied, "is in line with what we anticipated."
A Quick History
Columbia Property didn't have 1881 Campus Commons in its portfolio long before it decided to sell it.
It acquired it at the start of the year as part of a two-property portfolio from Spear Street Capital in an off-market deal for $436 million. At that time, it was 79% occupied.
Then, in March, Columbia Property put the property along with 12 others on the market.
In June, a private equity fund picked up eleven of the properties -- except for 1881 Campus Commons, and another Maryland suburban office building located on 800 N. Frederick Ave.
At that point Mills said that had been significant interest in the Reston and Frederick properties from both single-asset and portfolio buyers. He also said he was confident these properties would trade at the expected sales price.
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