Dispositions

12 Months Ended

Dec. 31, 2019

Discontinued Operations and Disposal Groups [Abstract]

Operating Property Dispositions

The following table summarizes the operating properties sold during the years ended December 31, 2019, 2018 and 2017:



Location	Month of Disposition	Number of Buildings	Rentable Square Feet (unaudited)	Sales Price (in millions) ⁽¹⁾
2019 Dispositions
2829 Townsgate Road, Thousand Oaks, CA	May	1	84,098	$	18.3
2211 Michelson Drive, Irvine, CA	October	1	271,556	115.5
Total 2019 Dispositions		2	355,654	$	133.8

2018 Dispositions
1310-1327 Chesapeake Terrace, Sunnyvale, CA	November	4	266,982	$	160.3
Plaza Yarrow Bay Properties⁽²⁾	November	4	279,924	134.5
23925, 23975, & 24025 Park Sorrento, Calabasas, CA	December	3	225,340	78.2
Total 2018 Dispositions		11	772,246	$	373.0

2017 Dispositions
5717 Pacific Center Boulevard, San Diego, CA	January	1	67,995	$	12.1
Sorrento Mesa and Mission Valley Properties ⁽³⁾	September	10	675,143	174.5
Total 2017 Dispositions		11	743,138	$	186.6

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(1)	Represents gross sales price before broker commissions and closing costs.


(2)	The Plaza Yarrow Bay Properties include the following properties: 10210, 10220 and 10230 NE Points Drive & 3933 Lake Washington Boulevard NE in Kirkland, Washington.


(3)	The Sorrento Mesa and Mission Valley Properties includes the following properties: 10390, 10394, 10398, 10421, 10445 and 10455 Pacific Center Court, 2355, 2365, 2375 and 2385 Northside Drive and Pacific Corporate Center - Lot 8, a 5.0 acre undeveloped land parcel.

The total gains on the sales of the operating properties sold during the years ended December 31, 2019, 2018 and 2017 were $36.8 million, $142.9 million and $39.5 million, respectively.

Land Dispositions

We did not dispose of any land parcels during the year ended December 31, 2019. During the year ended December 31, 2018, in connection with the Plaza Yarrow Bay Properties disposition listed above, we recognized a gain on sale of land of $11.8 million. During the year ended December 31, 2017, in connection with the Sorrento Mesa and Mission Valley Properties disposition listed above, we recognized a gain on sale of land of $0.4 million.

Restricted Cash Related to Dispositions

We did not have any restricted cash related to dispositions or Section 1031 Exchanges as of December 31, 2019. As of December 31, 2018, approximately $113.1 million of net proceeds related to the operating property dispositions during the year ended December 31, 2018 were temporarily being held at a qualified intermediary at our direction, for the purpose of facilitating a Section 1031 Exchange. The cash proceeds were included in restricted cash on our consolidated balance sheets at December 31, 2018. During January 2019, the Section 1031 Exchange related to this VIE was successfully completed and the cash proceeds were released from the qualified intermediary.