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BOCA RATON, FL-CRT Properties Inc. entered into an agreement to sell almost 4.4 million shares of common stock. Morgan Stanley is the sole underwriter and it is granted the option of acquiring another 435,000 shares, which is an additional 10%, to sell in order to cover over-allotments.

CRT trades as CRO on the NYSE. At the close of trading on Dec. 15, the day the agreement was announced, CRO common stock traded at $24.71 a share. At that price, the offering would add approximately $107.5 million to corporate coffers, and the over-allotment option could add about $10.7 million more.

The offering is expected to close on Dec. 20. CRO shares reached their 52-week high of $25.18 a share on Dec. 15, dropping a few points by day’s end. The 52-week low, $19.85 a share, occurred on May 17.

The company will use the proceeds to fund a portion of the purchase price of recent acquisitions and for general corporate purchases and future acquisitions. Earlier this month CRT paid the highest price-per-sf ever in Fort Lauderdale–just over $294 per sf–for the 350 and 450 Las Olas office buildings. The $138-million ticket also represented Fort Lauderdale’s biggest office transaction ever, and it exceeded the REIT’s earlier purchase of Broward Financial Centre in Fort Lauderdale by $109 per sf.

CRT owns or has interests in 136 office buildings with an aggregate of approximately 11.3 million sf. The properties are located primarily in 21 suburban office projects and three urban centers in 12 metropolitan areas in the Southeast, Texas and Maryland.

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