Winthrop Realty Trust Enters Into Leases For Its Jacksonville, Florida, Andover, Massachusetts And South Burlington, Vermont Properties
BOSTON, Jan. 19 /PRNewswire-FirstCall/ -- Winthrop Realty Trust (NYSE: FUR) announced that it has entered into a new lease to rent 521,433 square feet of warehouse space and 31,718 square feet of office space representing approximately 95% of the rentable square feet at its Jacksonville, Florida property, the result of which is the that the property is now 100% leased. In addition, Winthrop has entered into a new lease to rent all 93,000 square feet of its Andover, Massachusetts property and a renewal lease for all 56,000 square feet of its South Burlington, Vermont property, both of which had leases terms that expired on December 31, 2009.
The space at the Jacksonville, Florida property was leased to Football Fanatics, Inc., a sports apparel and merchandise company, for an initial term of 66 months, with three, three-year renewal options. Net rent payable under the lease commences in August 2010 at a rate of $1.17 per square foot, increasing to $1.21 per square foot from August 2011 through July 2012 and thereafter by approximately 16% per year for the balance of the initial term.
The Andover, Massachusetts property was leased to PAETEC Communications Inc., a subsidiary PAETEC Holding Corp., for an initial term of twelve and one-half years, with three, five-year renewal options. Net rent payable under the lease commences after the first six months of the lease term at an initial rent of $8.00 per square foot, increasing to $10.45 for the second and third year of the term, and thereafter by 3% every second year.
With respect to the South Burlington, Vermont property, the lease with Fairpoint Communications, Inc. is a renewal of the current lease but with modifications to provide for a current term of five years, with three, five-year renewal options and at an initial gross rent of $14.29 per square foot.Winthrop Realty Trust is a NYSE-listed real estate investment trust (REIT) headquartered in Boston, Massachusetts. Additional information on Winthrop Realty Trust is available on its Web site at www.winthropreit.com.
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