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MINOT, N.D., Sept. 13, 2013 (GLOBE NEWSWIRE) -- Investors Real Estate Trust (NYSE:IRET) (NYSE:IRETPR) (NYSE:IRET PRB), announced today that its operating partnership, IRET Properties, closed on the sale of five commercial office and industrial properties from its portfolio on September 12, 2013.
A single buyer acquired the five-building portfolio for a total purchase price of $28.3 million. The properties included:
Bloomington Business Plaza: a 121,669 sq. ft. office building located in Bloomington, MN sold for $4.50 million.
Nicollet Business Campus VII: a 118,125 sq. ft. office building located in Burnsville, MN sold for $7.29 million.
Brooklyn Park 7401 Boone Avenue North: a 322,751 sq. ft. industrial building located in Brooklyn Park, MN sold for $12.8 million.
Cedar Lake Business Center: a 50,400 sq. ft. industrial building located in St. Louis Park, MN sold for $2.55 million.
Pillsbury Business Center: a 42,929 sq. ft. office building located in Bloomington, MN sold for $1.16 million.
"I'm pleased with our progress in continuing to improve the overall composition of IRET's portfolio," said Matt Volpano, IRET's Director of Acquisitions and Business Development. "We have terrific opportunities in front of us and will use the sales proceeds to fund new developments and acquisitions. I also appreciate the outstanding job done by the CBRE Institutional Group in Minneapolis to assist IRET with this transaction."
About Investors Real Estate Trust
Investors Real Estate Trust is an equity real estate investment trust. Its business consists of owning and operating income-producing multi-family residential and commercial properties located primarily in the upper Midwest. Investors Real Estate Trust is based in Minot, North Dakota, and has additional offices in Minneapolis, Minnesota and Omaha, Nebraska.
Statements about IRET's future expectations and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results could differ materially from expected results.
CONTACT: Lindsey Knoop Anderson
Director of Investor Relations
1400 31st Ave SW Suite 60
PO Box 1988
Minot, North Dakota 58702-1988