Franklin Street Properties Corp. Announces the Sale of 4820 Emperor Boulevard in Durham, North Carolina for $89.7 Million
December 23 2020 - 5:20PM
Business Wire
Franklin Street Properties Corp. (the “Company”, “FSP”, “our” or
“we”) (NYSE American: FSP), a real estate investment trust (REIT),
announced today the sale of its only property in Durham, North
Carolina (the “Property”) for gross proceeds of $89.7 million, or
approximately $346 per square foot. The Property is located at 4820
Emperor Boulevard and consists of an approximately 259,531 square
foot office building that is 100% leased to a tenant in the life
sciences industry.
The Company expects to record a gain of approximately $42
million in the fourth quarter of 2020 in connection with the sale
of the Property. The Company intends to use net proceeds from the
sale of the Property to repay debt.
George J. Carter, Chairman and Chief Executive Officer of FSP,
commented as follows:
“Emperor Boulevard was FSP’s only property within the
Raleigh-Durham marketplace and its disposition reflects our
strategy to sell assets when we believe that their respective value
proposition and resulting pricing have been maximized for our
shareholders. At this time, we believe that the best use for the
net proceeds from the sale of the Property is debt reduction.
However, we will continue to evaluate potential future alternative
avenues for redeployment, which could include new property
investments.”
This press release, along with other news about FSP, is
available on the Internet at www.fspreit.com. We routinely post
information that may be important to investors in the Investor
Relations section of our website. We encourage investors to consult
that section of our website regularly for important information
about us and, if they are interested in automatically receiving
news and information as soon as it is posted, to sign up for E-mail
Alerts.
About Franklin Street Properties Corp.
Franklin Street Properties Corp., based in Wakefield,
Massachusetts, is focused on infill and central business district
(CBD) office properties in the U.S. Sunbelt and Mountain West, as
well as select opportunistic markets. FSP seeks value-oriented
investments with an eye towards long-term growth and appreciation,
as well as current income. FSP is a Maryland corporation that
operates in a manner intended to qualify as a real estate
investment trust (REIT) for federal income tax purposes. To learn
more about FSP please visit our website at www.fspreit.com.
Forward-Looking Statements
Statements made in this press release that state FSP’s or
management’s intentions, beliefs, expectations, or predictions for
the future may be forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. This press
release may also contain forward-looking statements based on
current judgments and current knowledge of management, which are
subject to certain risks, trends and uncertainties that could cause
actual results to differ materially from those indicated in such
forward-looking statements. Accordingly, readers are cautioned not
to place undue reliance on forward-looking statements. Investors
are cautioned that our forward-looking statements involve risks and
uncertainty. See the “Risk Factors” set forth in Part I, Item 1A of
our Annual Report on Form 10-K for the year ended December 31,
2019, as the same may be updated from time to time in subsequent
filings with the United States Securities and Exchange Commission.
Although we believe the expectations reflected in the
forward-looking statements are reasonable, we cannot guarantee
future results, levels of activity, performance or
achievements.
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version on businesswire.com: https://www.businesswire.com/news/home/20201223005567/en/
For Franklin Street Properties Corp. Georgia Touma,
877-686-9496
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