Corporate Office Properties Trust Sells Tred Avon Square Shopping Center for $5.9 Million.Business Editors COLUMBIA, Md.--(BUSINESS WIRE)--Nov. 14, 2000 Company Sells More Than $50 Million Worth of Retail Properties Since January 1999 Corporate Office Properties Trust Corporate Office Properties Trust Inc. (COPT) (NYSE: OFC) is a publicly-traded real estate investment trust (REIT) corporation that specializes in office development, and describes itself as "a fully integrated, self-managed real estate investment trust that focuses on the (NYSE NYSE See: New York Stock Exchange : OFC OFC Office OFC Officer OFC Of Course OFC Oxygen Free Copper OFC Oceania Football Confederation (soccer) OFC Optical Fiber Cable OFC Optical Fiber Communications OFC Optical Fiber Conference ) has announced the sale of the mortgage securing the Tred Avon Square Shopping Center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into , a 149,191 square foot retail project located in Easton, MD, for $5.9 million. The Company has now sold more than $50 million worth of properties since early last year. In January 1999, Corporate Office Properties sold Cranberry cranberry, low creeping evergreen bog plant of the genus Oxycoccus of the family Ericaceae (heath family). Cranberries are considered by some botanists to belong to the blueberry genus Vaccinium. Square, a 140,000 square foot center in Maryland for $18.9 million. This was followed by the sale of three retail properties in Indiana, Minnesota and Wisconsin for $14.5 million in the first quarter of 1999. In the second quarter of 1999, three additional centers located in Illinois and Wisconsin were sold for $8.2 million and a North Dakota North Dakota, state in the N central United States. It is bordered by Minnesota, across the Red River of the North (E), South Dakota (S), Montana (W), and the Canadian provinces of Saskatchewan and Manitoba (N). retail property was sold for $3 million in June 2000. The Company recognized a gain on each of these sales, and most of the proceeds were used to reduce the Company's existing line of credit. "We successfully added value Added value in financial analysis of shares is to be distinguished from value added. Used as a measure of shareholder value, calculated using the formula:
Tred Avon Square is located on a 13 acre site off MD Route 322 and US Route 50 in Easton. Anchored by Acme Market
Company Information Corporate Office Properties Trust is a fully-integrated, self-managed real estate investment trust which focuses on the ownership, development, management and acquisition of suburban office properties located in targeted suburban submarkets in the Mid Atlantic Mid Atlantic can mean:
Forward-Looking Information This press release contains forward-looking information based upon the Company's current best judgement and expectations. Actual results could vary from those presented herein. The risks and uncertainties associated with the forward-looking information include the strength of the commercial office real estate market in which the Company operates, competitive market conditions, general economic growth, interest rates and capital market conditions. For further information, please refer to the Company's filings with the Securities and Exchange Commission. |
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