- Garfield. Five industrial buildings in Commerce, California located in the Mid-Counties submarket with direct access to the I-5, I-710 and I-605 expressways and 79% leased to 14 tenants. This property contains approximately 545,000 square feet and was acquired for a purchase price of approximately $52.4 million.
- Whittier. One industrial property in Whittier, California located on Whittier Boulevard in the Mid-Counties submarket with access to the I-605 and I-5 expressways and 100% leased to one tenant. This property contains approximately 162,000 square feet and was acquired for a purchase price of approximately $16.1 million.
- Closed a $39.8 million non-recourse mortgage loan at a fixed annual interest rate of 3.65% that matures on March 5, 2020.
- Expanded its $80.0 million senior revolving credit agreement to $100.0 million by exercising its accordion option.
Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the federal securities laws. We caution investors that forward-looking statements are based on management’s beliefs and on assumptions made by, and information currently available to, management. When used, the words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “may”, “might”, “plan”, “project”, “result”, “should”, “will”, and similar expressions which do not relate solely to historical matters are intended to identify forward-looking statements. These statements are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control, including risks related to our ability to meet our estimated forecasts related to stabilized cap rates and those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2011 and our other public filings. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. We expressly disclaim any responsibility to update our forward-looking statements, whether as a result of new information, future events, or otherwise.