Investors Real Estate Trust Announces the Relocation of the IRET Corporate Office and Recent Acquisition and Disposition Acti...
02 Agosto 2011 - 10:40AM
Investors Real Estate Trust (Nasdaq:IRET) (Nasdaq:IRETP) announces
its corporate headquarters in Minot, North Dakota has relocated to
1400 31st Ave SW, Suite 60, PO Box 1988, Minot, ND 58702-1988.
This move follows the previously-announced lease by Hess
Corporation of approximately 48,500 square feet in the former IRET
headquarters building, IRET Corporate Plaza (now renamed "Plaza
16") at 3015 16th St SW, Minot, ND 58701.
IRET occupies approximately 22,600 square feet in its new
corporate office building, with the remainder of the space occupied
by Badlands Grill House & Saloon, and Space Aliens Grill &
Bar. Both restaurants are owned and operated by Minot, ND based
FMI.
Separately, IRET also announces its acquisition of Regency Park
Apartments in St. Cloud, MN for $10.9 million. This residential
property was built in 1994, is located on approximately 10.5 acres,
and adds 147 units to the multi-family portfolio. The purchase
price includes the assumption by IRET of existing debt on the
property.
IRET has also completed the sale of its Livingston Pamida
property in Livingston, MT. The sale price was $2.175 million, out
of which IRET paid off the existing mortgage with American Equity
in the amount of $1.183 million.
About Investors Real Estate Trust
Investors Real Estate Trust is an equity real estate investment
trust. Its business consists of owning and operating
income-producing multi-family residential and commercial properties
located primarily in the upper Midwest. Investors Real Estate Trust
is based in Minot, North Dakota, and has additional offices in
Minneapolis, Minnesota and Omaha, Nebraska.
Safe Harbor
Statements about IRET's future expectations and all other
statements in this press release other than historical facts are
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, Section 21E of the Securities Exchange
Act of 1934, and as that term is defined in the Private Securities
Litigation Reform Act of 1995. The Company intends that such
forward-looking statements be subject to the safe harbors created
thereby. Since these statements involve risks and
uncertainties and are subject to change at any time, the Company's
actual results could differ materially from expected results.
CONTACT: Lindsey Knoop Anderson
Director of Investor Relations
1400 31st Ave SW Suite 60
PO Box 1988
Minot, North Dakota 58702-1988
phone: 701.837.4738
fax: 701.838.7785
email: landerson@iret.com
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