An unknown buyer completed the acquisition of Northern Portfolio Located in Sorrento Mesa Submarket of San Diego, California from City Office REIT, Inc..
December 01, 2021
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An unknown buyer entered into an agreement to acquire Northern Portfolio Located in Sorrento Mesa Submarket of San Diego, California from City Office REIT, Inc. (NYSE:CIO) for $400 million on August 19, 2021. In a related transaction, buyer agreed to acquire South Portfolio Located in Sorrento Mesa Submarket of San Diego, California for $181 million on August 19, 2021. The buyer already deposited a amount of $19.755 million for Southern Portfolio. The properties to be sold are unencumbered by debt. The transactions are subject to customary closing conditions. City Office REIT are planning to redeploy these funds into premier office properties across some of the best markets in the country. The transaction is expected to close on December 2, 2021. As of November 3, 2021 The northern portion of the portfolio sale is scheduled to close in December 2021.
An unknown buyer completed the acquisition of Northern Portfolio Located in Sorrento Mesa Submarket of San Diego, California from City Office REIT, Inc. (NYSE:CIO) on December 2, 2021. As on December 2, 2021, City Office REIT, Inc. sold its portfolio of Sorrento Mesa Submarket of San Diego, California for $576 million.
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.
An unknown buyer completed the acquisition of Northern Portfolio Located in Sorrento Mesa Submarket of San Diego, California from City Office REIT, Inc..
CITY OFFICE REIT, INC. 
