Investors Real Estate Trust Announces Sale Of Property In Irving, Texas
MINOT, N.D., Oct. 27, 2010 (GLOBE NEWSWIRE) -- Investors Real Estate Trust ("IRET") (Nasdaq:IRET) (Nasdaq:IRETP) announced today that its operating partnership, IRET Properties, has closed on the sale of its 504-unit Dakota Hills multi-family residential property located in Irving, Texas, for a sales price of $36.1 million, of which $23.2 million consisted of the assumption by the buyer of the outstanding mortgage loan on the property, with the remainder consisting of cash to IRET Properties.
"Part of the new strategic direction charted by IRET over a year ago was to condense its geographic footprint. Dakota Hills was the only asset that IRET owned in the state of Texas and the sale of this property was completed to support that strategy," said Tim Mihalick, IRET's President and CEO.
About Investors Real Estate TrustIRET is an equity real estate investment trust founded in 1970 with a diversified portfolio of multi-family residential, office, medical, industrial and retail properties located in 13 states, primarily in the upper Midwest. IRET's headquarters are located in Minot, North Dakota, and it has additional offices in Minneapolis, Minnesota and Omaha, Nebraska. IRET's common shares of beneficial interest trade on the NASDAQ Global Select Market under the symbol IRET. For more information, visit IRET's website at www.iret.com . The Investors Real Estate Trust logo is available at: http://www.globenewswire.com/newsroom/prs/?pkgid=5183
CONTACT: Investors Real Estate Trust Michelle R. Saari, VP - Marketing & Communications 701.837.4738 fax: 701.838.7785 email@example.com 3015 16th Street SW, Suite 100 PO Box 1988 Minot, North Dakota 58702-1988
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV