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FOR IMMEDIATE RELEASE
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, 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.