August 10, 2017 Comments Off on City Office REIT Enters California with $174.5M Portfolio Buy Views: 960 California News, San Diego

City Office REIT Enters California with $174.5M Portfolio Buy

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.”

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