August 10, 2017
Vancouver, WA-based City Office REIT, Inc. entered into an agreement to acquire a 10-building portfolio in San Diego, CA for $174.5 million from an undisclosed seller. The San Diego Portfolio encompasses 680,000 square feet of space, as well as a land parcel, and will be the company’s only California assets.
The off-market portfolio acquisition is anticipated to generate a pro forma net operating income yield of approximately 7.4%, and is scheduled to close late in the third quarter.
City Office REIT’S James Farrar says, “We believe that the San Diego Portfolio provides us with a great entry into the market with immediate scale, favorable acquisition metrics and opportunities to create long term value for our investors.”
For comments, questions or concerns, please contact Dennis Kaiser