NEWTON, Mass.--(BUSINESS WIRE)--Office Properties Income Trust (Nasdaq: OPI) today announced that it has completed the sale of a property in Richmond, VA for a sale price of $130.0 million, excluding closing costs.

“We are pleased with this opportunistic sale at what we believe to be a price reflective of a long-term stabilized property despite the tenant’s lease expiring in 2024,” stated Chris Bilotto, President and Chief Operating Officer of OPI. “The $418 per square foot sale is on par with the higher sales comps realized in the market over the past few years.”

Proceeds from this sale will be used for general business purposes, including the potential future acquisition or redevelopment of properties.

Office Properties Income Trust is a REIT focused on owning, operating and leasing properties primarily leased to single tenants and those with high credit quality characteristics such as government entities. OPI is managed by the operating subsidiary of The RMR Group Inc. (Nasdaq: RMR), an alternative asset management company that is headquartered in Newton, Massachusetts.