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Stock Market & Financial Investment News

News Breaks
July 22, 2014
16:17 EDTCXPColumbia Property Trust initiated with a Perform at Oppenheimer
News For CXP From The Last 14 Days
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July 1, 2015
17:24 EDTCXPColumbia Property sells 11 properties for $433M
Columbia Property announced the sale of 11 suburban and principally single-tenant office properties totaling 2.9M square feet for total gross proceeds of $433.3M to an unnamed real estate private equity fund. The proceeds from this sale will be used to reduce outstanding borrowings. The company will repay amounts outstanding on its revolving credit facility, which was recently used to pay off a $206.5M loan secured by 333 Market in San Francisco, and pay off a $21.0M mortgage loan on one of the disposition properties. Proceeds from this sale will also be used to pay off a $105.0M loan secured by 100 East Pratt in Baltimore, Maryland. Proceeds from 10 of the properties are available immediately, and the remaining proceeds are expected to be available approximately 30 days later. The transaction is expected to result in a net gain of approximately $17M that will be recognized in the company’s Q3 results. The company continues to market the three remaining properties it previously identified as expected dispositions: 1881 Campus Commons in Reston, Virginia is projected to be completed later in the third quarter of 2015; 800 N Fredrick Avenue in suburban Maryland is projected to be completed by the end of the year; and 263 Shuman Boulevard in suburban Chicago is expected to be completed in 2016. Nelson Mills, president and CEO of Columbia Property Trust, stated, “We had significant interest in these properties from both single-asset and portfolio buyers. The pricing for the first 11 properties is in line with our expectations, and we are confident that, with the sale of the three remaining properties, total proceeds will be within our expected range of $500M-$600M."

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