DALLAS, Aug. 4 /PRNewswire/ -- Prentiss Properties Trust (NYSE: PP),a national office and industrial real estate investment trust ("REIT"), todayannounced that the company has invested in three Class-A office propertiestotaling 565,471 square feet in its western region. Included in thetransactions are: The Academy, a three-building complex in North Hollywood,Calif. totaling 193,916 square feet; Regents Centre, a two-building propertyin suburban Phoenix, Ariz. totaling 100,500 square feet; and World SavingsCenter in Oakland, Calif., a 17-story office tower totaling 271,055 squarefeet. The transactions total approximately $72 million and have blended cash-on-cash and FFO yields of 10.59 percent and 11.09 percent, respectively. "Prentiss continues aggressively investing in select office and industrialproperties in its target markets nationwide," said Thomas F. August, presidentand COO. "Today's announcement adds three high-profile properties to ourgrowing western region portfolio. These investments reflect pricessignificantly below replacement costs and create the opportunity to addsignificant value for our investors."
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst R