City Office REIT Completes $44.9M Sale of 178,330 SF Office Property in Pennsylvania
ALLENTOWN, PA. — City Office REIT has completed the sale of its office property located on Corporate Parkway in Allentown. The 178,330-square-foot building sold for $44.9 million, with an expected 6.6 percent net operating income yield. Proceeds from the sale were used to repay approximately $4 million of mortgage debt. Additionally, the seller plans to acquire assets as part of a like-kind 1031 exchange. With the sale of this non-strategic asset, the City Office REIT has been able to align its portfolio entirely within its target markets.