TIER REIT Inc., a Dallas-based real estate investment trust that specializes in owning and operating office properties in select U.S. markets, announced it has sold Centreport Office Center for approximately $12.7 million.
Centreport Office Center is located on the east side of Fort Worth, and is comprised of two single-story office buildings totaling approximately 133,000 square feet. The purchaser was not disclosed.
The sale is the second of three properties previously announced as under contract to be sold, following the announced sale of 500 East Pratt, in Baltimore, Maryland, on February 13, 2018. The third property, Loop Central, in Houston, Texas, remains under contract and is expected to close in the first quarter of 2018.quarter and full year.
“We exited five markets during 2017,” said Scott W. Fordham, President & CEO earlier this month, “and we announced today that we are under contract on 500 East Pratt in Baltimore, Loop Central in Houston, and Centreport Office Center in Fort Worth. Exiting Baltimore and downsizing our Houston and Fort Worth portfolios will further our continued efforts to sharpen our geographic footprint and improve the overall quality of our portfolio.”