City Office REIT sells Dallas property for $43.8M

Jun. 15, 2022 5:34 PM ETCity Office REIT, Inc. (CIO)By: Jessica Kuruthukulangara, SA News Editor2 Comments
  • City Office REIT (NYSE:CIO) said Wednesday it sold its Lake Vista Pointe property in Dallas, Texas for $43.8M.
  • The disposition represents a gain on sale of $22M and translates to a 6.1% cash cap rate, including an adjustment for an unfunded tenant improvement allowance.
  • Net proceeds will be used to repay $16.8M of mortgage debt and the rest will be held for general corporate purposes.
  • Including this sale, CIO has disposed 10 properties, generating over $570M of gains.

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