Kilroy Realty Corp. said that it closed the sale of its entire industrial portfolio and two small office projects for $355 million.
After the markets closed on Monday, the Los Angeles real estate investment trust announced it had sold the 44 properties to two institutional buyers that were not identified. The properties totaled about 3.7 million square feet.
The company said that it will reinvest proceeds into its West Coast office development program, and expects to record a $185 million gain on the sale in the current quarter.
Kilroy had announced in October that it would dispose of the properties, which are mostly in Orange County, as part of a company realignment.