Kilroy Realty Corp. (NYSE: KRC) announced Friday that it has completed the sale of 13 San Diego office properties in multiple transactions for total proceeds of roughly $327 million.
“The sales price reflects strong investor demand for well-located, high quality properties,” the company said in a statement.
In aggregate, the portfolio included 1.1 million square feet and was approximately 91 percent leased. As part of the company’s capital recycling strategy, it will reinvest the proceeds into its expanding West Coast office development program and other potential acquisition opportunities.
The sale of 4910 Directors Place occurred in December 2013 and the sale of 12 other office buildings located at 10020 Pacific Mesa Blvd.; 6055 Lusk Ave.; 5010 and 5005 Wateridge Vista Drive; 15435 and 15445 Innovation Drive; and 15051, 15073, 15231, 15253, 15333 and 15378 Avenue of Science occurred in early January 2014.
"The sales price reflects strong investor demand for well-located, high quality properties,” said John Kilroy Jr, chairman, president and CEO of Kilroy Realty. “The successful transaction demonstrates our team’s ability to execute on our core investment philosophy and create meaningful value in each part of the real estate investment cycle.”
