July 13, 2016
Columbia Property Trust Inc. (CPT) has closed on the sale of 800 N. Frederick Ave. in Gaithersburg, Maryland. The office property in the Washington DC suburb sold to SunCap Property Group for $48 million.
The 40-acre property includes a 393,000-square-foot building that was formerly home to an IBM data center. SunCap intends to redevelop the asset as a distribution center. CPT, headquartered in Atlanta, GA, has owned the asset since 2004.
CPT will use proceeds to reduce its revolving credit facility. Said the REIT’s president and CEO Nelson Mills: “This disposition is in keeping with our strategy to shift the portfolio to central business districts in the nation’s high-barrier markets.”