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DALLAS, Aug. 4 /PRNewswire/ -- Prentiss Properties Trust (NYSE: PP),
a national office and industrial real estate investment trust ("REIT"), today
announced that the company has invested in three Class-A office properties
totaling 565,471 square feet in its western region. Included in the
transactions are: The Academy, a three-building complex in North Hollywood,
Calif. totaling 193,916 square feet; Regents Centre, a two-building property
in suburban Phoenix, Ariz. totaling 100,500 square feet; and World Savings
Center in Oakland, Calif., a 17-story office tower totaling 271,055 square
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 industrial
properties in its target markets nationwide," said Thomas F. August, president
and COO. "Today's announcement adds three high-profile properties to our
growing western region portfolio. These investments reflect prices
significantly below replacement costs and create the opportunity to add
significant value for our investors."
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