Chambers Street Properties, a Princeton-based real estate investment trust focused on acquiring, owning and operating net leased industrial and office properties, today announced it has completed the sale of Regency Creek I, a 122,087 square foot office building located in Cary, North Carolina for $16.4 million. Mortgage loans of approximately $8.6 million were assumed by the buyer in this transaction. This property was included in the Company’s joint venture with Duke Realty Corporation and the dollar amounts stated above represent Chambers Street’s 80% pro rata share.
“We continue to enhance the portfolio by reducing our secured debt, joint venture, and multi-tenant, non-core office exposure,” said Martin A. Reid, executive vice president and chief financial officer, Chambers Street. “Additionally, this sale further demonstrates that Chambers Street is executing on its investment strategy of selling non-core office assets to fund future US industrial acquisitions.”Related Articles: