Shelbourne Properties I, Inc. and Shelbourne Properties II, Inc. Announce Their San Diego, California Property Under Contract for Sale
BOSTON--Shelbourne Properties I, Inc. and Shelbourne Properties II, Inc. announced that their joint venture entity, Century Park I Joint
Venture, has entered into a contract to sell its office complex property
located in San Diego, California commonly referred to as Century Park for a purchase price of $29,750,000.
It is anticipated that the sale of this property will occur during the second quarter of 2003. Pursuant to the terms of the loan obtained by the Shelbourne REITs as well as Shelbourne Properties III, Inc., $20,000,000 of the net proceeds will be required to be paid to the
lender to release the lien on the property.
The Board of Directors and Shareholders of each of the Shelbourne REITs has previously approved a plan of liquidation for each REIT. The remaining properties (including Century Park) owned by each of the Shelbourne REITs are as follows:
Shelbourne I -- a shopping center located in Towson, Maryland, a 50% ownership interest in an office building located in Seattle, Washington, and the 50% ownership interest in Century Park.
Shelbourne II -- a shopping center located in Matthews, North Carolina, an office building located in Richmond, Virginia, a shopping center located in Melrose Park, Illinois that is currently under contract for sale, a 20.66% interest in two industrial buildings in the Columbus, Ohio area, a 50% ownership interest in an office building located in Seattle, Washington, and a 50% ownership interest in Century Park.
