Agellan Commercial Real Estate Investment Trust announced this week that it had sold a 70,000 square foot single-tenant industrial building located at 8271 Anderson Court in Odenton, Maryland for $11.3 million. The property is currently fully leased to Domino's Pizza, which signed a 10-year lease this past October. Agellan did not identify the buyer of the property at 8271 Anderson Court, but said it was a "third-party purchaser", according to a Baltimore Business Journal article.
"The REIT intends to redeploy the capital from this single tenant building disposition into higher yielding multi-tenant investments with upside potential," said Frank Camenzuli, the Chief Executive Officer of Agellan Commercial REIT. The sale is consistent with Agellan's strategy of recycling capital by selling assets in certain markets that are no longer aligned with its core strategies in order to fund new investment opportunities. Agellan intends to focus on multi-tenant properties that provide enhanced diversity.
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