An unknown buyer completed the acquisition of Lake Vista Pointe property in Dallas from City Office REIT, Inc..
June 14, 2022
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An unknown buyer agreed to acquire Lake Vista Pointe property in Dallas from City Office REIT, Inc. (NYSE:CIO) for $43.8 million on March 7, 2022. The transaction is expected to generate a gain on sale of approximately $22 million. The gross sale price is inclusive of certain transaction costs that the buyer is responsible for paying. The closing of the transaction is scheduled to close in June 2022.
An unknown buyer completed the acquisition of Lake Vista Pointe property in Dallas from City Office REIT, Inc. (NYSE:CIO) on June 15, 2022. Net proceeds from the sale will be used to repay $16.8 million of mortgage debt and the balance will be held for general corporate purposes, which may include reinvestment in a tax-efficient exchange, a special dividend distribution, further debt reduction or a share repurchase.
City Office REIT, Inc. is an internally managed real estate company. The Company is focused on acquiring, owning and operating office properties located predominantly in the Sun Belt markets. The Company owns about 24 properties comprised of 58 office buildings with a total of approximately 5.7 million square feet of net rentable area (NRA) in the metropolitan areas of Dallas, Denver, Orlando, Phoenix, Portland, Raleigh, San Diego, Seattle and Tampa. The Company's properties include The Terraces, 2525 McKinnon, Block 23, Pima Center, Canyon Park, Mission City, AmberGlen, Cascade Station, Bloc 83, Greenwood Blvd, Central Fairwinds, Florida Research Park, Denver Tech, Circle Point, Superior Pointe, Carillon Point, Intellicenter, City Center, Park Tower, Papago Tech, The Quad, Camelback Square, 5090 N 40th St, and SanTan among others.
CITY OFFICE REIT, INC. 
