Kilroy Realty Corp. (KRC) announced that it has closed the disposition of its entire industrial portfolio and two small office projects, which in aggregate total approximately 3.7 million square feet.
As part of the company's capital recycling strategy, the company sold 44 properties for gross proceeds of approximately $355 million in two tranches to two institutional buyers. The purchase price reflects strong investor demand for well-located, well-leased, coastal assets.
The company said it will reinvest the proceeds into its expanding West Coast office development program and anticipates recording an approximate $185 million gain on sale in the fourth quarter.
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