Heritage Property Investment Trust, Inc. Forms First Acquisition Joint Venture With Intercontinental Real Estate Corporation
25 Avril 2005 - 3:30PM
PR Newswire (US)
Heritage Property Investment Trust, Inc. Forms First Acquisition
Joint Venture With Intercontinental Real Estate Corporation Joint
Venture Acquires Shopping Center in Dallas, Texas BOSTON, April 25
/PRNewswire-FirstCall/ -- Heritage Property Investment Trust, Inc.
(NYSE:HTG) ("Heritage" or the "Company"), today announced the
formation of its first acquisition joint venture with a fund
sponsored by Intercontinental Real Estate Corporation of Boston,
Massachusetts. Heritage also announced that the joint venture
acquired Skillman Abrams Shopping Center, located in Dallas, Texas,
for a total purchase price of approximately $19 million, including
assumed mortgage debt. Skillman Abrams is a 133,000 square foot
shopping center located in a busy retail corridor of Dallas, Texas,
the ninth largest Metropolitan Statistical Area in the United
States. Skillman Abrams is anchored by Tom Thumb, the second
leading grocer in the marketplace, which leases approximately
78,000 square feet at the center. The center is 97% leased and
contains an attractive mix of national and regional tenants.
Skillman Abrams is located in a market with outstanding
demographics within its trade area (5 miles), including an average
population of over 400,000 and average household income of over
$80,000. Heritage's joint venture partner in the acquisition of
Skillman Abrams is Intercontinental Real Estate Investment Fund
III, LLC, a $350 million pooled fund sponsored and managed by
Intercontinental Real Estate Corporation. As the operating manager
of the joint venture, Heritage will oversee the ongoing management
and leasing of Skillman Abrams. The cash flow distributions are
structured on a pro rata basis until certain return hurdles are met
with neither party receiving a preferred return. Once the
performance hurdles are met, Heritage will receive an enhanced
return. "We are extremely pleased to have Intercontinental as our
partner at Skillman Abrams," commented Thomas C. Prendergast,
Chairman, President and Chief Executive Officer. "They are a
well-respected company with significant real estate expertise. We
look forward to exploring with Intercontinental additional
opportunities to further diversify our available capital resources
and enhance our growth." "We are very pleased with this shopping
center acquisition -- our 5th Texas acquisition in
Intercontinental's Fund III. In particular, we are excited about
partnering with Heritage: these are real estate professionals of
the highest order. We hope very much that this will be the first of
many," said Peter Palandjian, Chairman and Chief Executive Officer
of Intercontinental Real Estate Corporation. "Skillman Abrams fits
our acquisition criteria perfectly," stated Robert G. Prendergast,
Senior Vice President, Chief Operating Officer. "In addition to
expanding our presence in the Southwestern U.S., which is a
priority for us since our acquisition of the Trademark portfolio in
late 2003, the acquisition of Skillman Abrams allows us to add to
our portfolio a center with a dominant grocer in Tom Thumb." ABOUT
HERITAGE PROPERTY INVESTMENT TRUST, INC. Heritage is a fully
integrated, self-administered and self-managed REIT traded on the
New York Stock Exchange under the symbol "HTG". Heritage is one of
the largest owners and operators of neighborhood and community
shopping centers in the United States. Heritage focuses on
grocer-anchored shopping centers with multiple anchors. As of
December 31, 2004, Heritage had a shopping center portfolio of 164
centers, located in 29 states and totaling approximately 33.7
million square feet of total gross leasable area, of which 28.0
million square feet is company-owned gross leasable area.
Heritage's shopping center portfolio was approximately 93.3% leased
as of December 31, 2004. Heritage is headquartered in Boston
Massachusetts and has an additional 16 regional offices located in
the Eastern, Midwestern and Southwestern United States. For more
information about Heritage, please refer to Heritage's website,
http://www.heritagerealty.com/. ABOUT INTERCONTINENTAL REAL ESTATE
CORPORATION Intercontinental, an SEC registered adviser and real
estate investment management firm based in Boston, Massachusetts,
manages private equity real estate investments and provides real
estate services for domestic and international clients. Established
in Boston over 40 years ago, Intercontinental has acquired,
developed, built, and managed over $3 billion of real estate and
has earned an international reputation as one of the leading real
estate investment firms in the United States. For more information
about Intercontinental, please refer to Intercontinental's website,
http://www.intercontinental.net/. SAFE HARBOR LANGUAGE Some of the
statements contained in this press release constitute forward-
looking statements. Forward-looking statements relate to
expectations, beliefs, projections, future plans and strategies,
anticipated events or trends and similar expressions concerning
matters that are not historical facts. The forward-looking
statements reflect the Company's current views about future events
and are subject to risks, uncertainties, assumptions and changes in
circumstances that may cause the Company's actual results to differ
significantly from those expressed in any forward-looking
statement. You should not rely on forward-looking statements since
they involve known and unknown risks, uncertainties and other
factors which are, in some cases, beyond the Company's control and
which could materially affect actual results. The factors that
could cause actual results to differ materially from current
expectations include risks detailed from time to time in filings
with the Securities and Exchange Commission. The forward-looking
statements contained herein represent the Company's judgment as of
the date of this release, and the Company cautions readers not to
place undue reliance on such statements. DATASOURCE: Heritage
Property Investment Trust, Inc. CONTACT: Patrick O'Sullivan, Vice
President, Finance and Accounting of Heritage Property Investment
Trust, Inc., +1-617-247-2200, or ; or Financial Relations Board -
Claire Koeneman (Analyst Info), +1-312-640-6745, or Joe Calabrese
(General Info), +1-212-827-3772, for Heritage Property Investment
Trust, Inc. Web site: http://www.intercontinental.net/
http://www.heritagerealty.com/
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