WAKEFIELD, Mass.–(BUSINESS WIRE)–Franklin Street Properties Corp. (NYSE American: FSP), a real estate investment trust (REIT), announced today the completion of the sale of 50 Northwest Point in Elk Grove Village, Illinois for gross proceeds of $29.1 million.
The Company expects to record a gain of approximately $8.4 million in the first quarter of 2023 in connection with the sale of the Property.
George J. Carter, Chairman and Chief Executive Officer of FSP, commented as follows:
“We are pleased to announce the completion of the sale of the Property. We intend to use proceeds from the sale of the Property primarily for debt reduction.”
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.