Charlotte Office Building Under Contract for $22.65 Million


sd-office-perimeter-parkway-c7414630Agellan Commercial Real Estate Investment Trust announced today that a third-party purchaser has agreed to purchase the REIT’s approximately 118,500 square foot, five-story multi-tenant office building located at 10130 Perimeter Parkway in Charlotte, NC.

The sale price for this non-core asset of the REIT is approximately $22.65 million and represents an in-place capitalization rate of approximately 7.46%. The proceeds of the disposition are expected to be redeployed by the REIT for future acquisitions of industrial properties located in the United States.

The disposition is consistent with the REIT’s strategy of recycling capital by selling office assets that are no longer aligned with its core strategies in order to fund new industrial investment opportunities.

The sale is expected to close in July 2018 and is subject to certain conditions typical for transactions of this type (other than a due diligence condition which has been waived by the purchaser).

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