TELEPHONE: 213-572-0222 • FACSIMILE: 213-572-0230
601 S. Figueroa Street • Suite 2050 • Los Angeles • CA 90017
Visit the FORT X Completed Offering page.
FOR IMMEDIATE RELEASE
FORT PROPERTIES, INC. ACQUIRES CONAGRA SUPPLY CHAIN CENTER IN OMAHA, NEBRASKA
OMAHA, Nebr., [July 25, 2007] — Los Angeles, California-based FORT Properties, Inc. has acquired the ConAgra Supply Chain Center located at 7350 World Communications Drive in Omaha, Nebraska. The announcement was made by FORT Properties, Inc. President and CEO Duke Runnels. The acquisition closed on July 18, 2007 and terms of the private deal were not made public.
The ConAgra Supply Chain Center 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.
FORT Properties purchased the ConAgra Supply Chain Center from Opus Corporation as represented by Tom Holtz and Steve Buss of CB Richard Ellis. Jeff Majewski of CBRE Capital Markets arranged financing through Merrill Lynch Mortgage Lending. FORT Properties was represented by the firm’s Vice President of Investments Robert Alter.
Concurrently, FORT Properties also acquired the 144,908-square-foot Foothills Corporate Centre II in Phoenix, Arizona and the 107,200-square-foot North Belt Office Center III and IV in Houston, Texas.
“On the same day, FORT Properties closed on three premier properties in three different states,” noted Runnels. “In what is broadly considered a challenging real estate market, we believe this is a well-strategized achievement.”
FORT Properties, Inc, is one of the nation’s leading sponsors of tenant-in-common investments and 1031 exchanges. Founded in 2004, FORT Properties targets Class “A” properties that offer reliable and consistent returns. The company purchases office and industrial properties in high growth and emerging areas that are generally in the $10 million to $75 million range. For more information, please visit http://www.fortproperties.com/acquis_criteria.cfm.