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FORT PROPERTIES, INC. ACQUIRES CLASS “A” OFFICE BUILDINGS IN HOUSTON, PHOENIX AND OMAHA
LOS ANGELES, Calif., July 25, 2007 — Los Angeles, California-based FORT Properties, Inc. has acquired three Class “A” properties, all of which closed on July 18, 2007. The office buildings, located in Phoenix, Arizona, Houston, Texas and Omaha, Nebraska, total more than 340,000 square feet and all are 100 percent leased. The announcement was made by FORT Properties President and CEO Duke Runnels. Terms of the deals were not made public.
North Belt Office Center III and IV are situated in the Greenspoint submarket of Houston and offer 107,200 rentable square footage. Built in 2003, the buildings are currently home to three tenants: an administrative location of the United States Postal Service, Unisys (NYSE: UIS) and Express Jet (NYSE: XJT).
The Foothills Corporate Centre II in Phoenix offers 144,908 square feet of rentable space housed in two, single-story buildings. Foothills Corporate Centre II is located in the heart of the Interstate 10 corridor with freeway frontage and convenient, indirect access to Loop 202. The tenants are AT&T (NYSE: T, S&P: A), Global Crossings (NASDAQ: GLBC), Exhibit One, and Alaska Airlines (NYSE: ALK).
The ConAgra Supply Chain Center in Omaha is an 88,600-square-foot, three-story office building located in Omaha’s northwest submarket, with visible and immediate access to I-680. ConAgra Foods (NYSE:CAG) occupies 100 percent of the building through December 2016. Built in 2003, the ConAgra Supply Chain Center is located in the World Communications Business Park, which is aggressively promoted by the City of Omaha and designed primarily for high-tech users.
“In this challenging real estate environment, we are pleased to have closed on three premier properties in three different states on the same day,” notes Runnels.
FORT Properties, Inc., a real estate investment company, is the premier sponsor of Section 1031 tax-deferred, TIC fractional ownership offerings. The FORT model offers an attractive option for real estate investors who are buying and selling real estate. As one of the few pre-capitalized TIC sponsors, FORT Properties can reduce the financial risks and timing constraints associated with 1031 exchanges. Our highest priority is to identify and acquire properties in primary, secondary and emerging growth markets with low to moderate risk, stable cash flow, and reasonable certainty of preservation of value. FORT focuses on office, distribution, industrial/flex, R+D and mixed-used; primarily Class “A” properties in the $10 million to $75 million range. For more information, please visit http://www.fortproperties.com/acquis_criteria.cfm.