Corporate Office Properties Trust announced it recently sold a 57,000-square-foot office building in Cranbury, N.J.
The value of the transaction was $9.7 million.
The property, located at 68 Culver Road in the Exit 8A submarket, is situated within the Princeton Technology Center, a four-building complex.
“This sale represents the continuation of our company’s strategy to dispose of assets located outside of core markets and provides the opportunity to recycle capital into acquisitions and development in our higher-growth markets,” stated Randall M. Griffin, President and Chief Executive Officer of Corporate Office Properties Trust.
The buyer’s identity was not disclosed.
Corporate Office Properties Trust is a fully integrated, self-managed real estate investment trust that focuses on the ownership, management, leasing, acquisition and development of suburban office properties located primarily in submarkets within the Greater Washington, D.C., region.