{"id":1004402165,"date":"2020-03-23T06:13:51","date_gmt":"2020-03-23T14:13:51","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004402165"},"modified":"2020-03-23T06:13:51","modified_gmt":"2020-03-23T14:13:51","slug":"office-properties-income-trust-sells-northern-virginia-building","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/office-properties-income-trust-sells-northern-virginia-building\/","title":{"rendered":"Office Properties Income Trust Sells Northern Virginia Building"},"content":{"rendered":"
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3920 Pender Drive<\/p><\/div>\n

Office Properties Income Trust has sold an 83,130-square-foot property in Fairfax, Va.<\/a>, for $22.2 million. The buyer was Washington Alliance Capital, according to public records. The price for the property at 3920 Pender Drive included the repayment of $13.2 million of mortgage debt with an annual interest rate of 5.87 percent, but excluded closing costs. Proceeds from the sale will be used for general business purposes.<\/p>\n

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READ ALSO<\/strong>: REIT Sells Two Office Assets for $42M<\/a><\/p>\n

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The Class B building was completed in 1981 and is leased in part to the State Department. In a prepared statement, OPI President & CEO David Blackman noted that the sale represents the final disposition of the six properties that were under purchase and sale agreements at the end of 2019.<\/p>\n

OPI focuses on owning, operating and leasing buildings primarily leased to single tenants with high credit quality characteristics, such as government entities. The REIT is managed by the operating subsidiary of The RMR Group Inc., an alternative asset management company headquartered (like OPI) in Newton, Mass.<\/p>\n

Steady sales<\/h2>\n

OPI was formed in late 2018<\/a> through the merger of Government Properties Income Trust and Select Income REIT.<\/p>\n

The string of sales that Blackman referred to has been a steady deleveraging process. It includes the sales of:<\/p>\n