Los Angeles office REIT Maguire Properties (NYSE: MPG) has sold a pair of San Diego office properties for $298 million. Maguire did not disclose the buyer.
Maguire Properties will use the sales proceeds to help fund its recent $2.88 billion acquisition of the downtown Los Angeles and Orange County portfolio from former Equity Office Properties Trust.
“This transaction demonstrates the commitment to our stated objective of disposing of certain properties and using a portion of the net proceeds to pay down the term loan and fund a portion of the purchase price of the former Equity Office Properties portfolio,” says Robert Maguire III, chairman and chief executive officer of the REIT.
The two California properties include Pacific Center, a 438,960 sq. ft. office building in Mission Valley and Wateridge Plaza, a 268,957 sq. ft. office property in Sorrento Mesa.