Prentiss Properties Trust, a real estate investment trust (REIT) which focuses on office property ownership and development in select markets, today announced an acquisition and sale in its Chicago market.
Lakeside Point I & II
On October 29, 2004 the Company purchased Lakeside Point I & II, a 198,000 square foot, class A office complex located in Amhurst Business Park in Waukegan, Illinois. This project was purchased in the Company's joint venture with ABP. The contract price was $32.6 million, or $164 per foot, and has an initial cash yield of 9.2% and an initial GAAP yield of 9.9%. The project contains two three story buildings, both of which are 100% leased to Abbott Laboratories through August of 2008. Abbott Laboratories has occupied the majority of the space in these buildings since their initial development in 1990 and 1998. The buildings have 30,000 square foot floor plates which can accommodate large users but are also very functional for multi-tenant users. The complex includes a generous 4.5 per 1000 ratio of parking to office space to accommodate dense space users such as Abbott and is also linked to Abbott's fiber optic communication network that runs throughout the business park.
1800 Sherman Sale
On November 19, 2004 the Company closed the sale of its 1800 Sherman Avenue project for a sales price of $18.2 million and recognized a gain on sale of $3.5 million. The 135,679 square foot, eight story, class A office property is located in Evanston, Illinois. Prentiss acquired the project in 1998 and will continue to manage and lease the building for the new owner.
About Prentiss Properties Trust
Prentiss Properties Trust is a self-administered and self-managed real estate investment trust ("REIT"). It owns interests in 130 operating properties with approximately 17.9 million square feet - 15.7 million of office properties and 2.2 million of industrial properties. The Company also has a 158,000 square foot development project in construction at this time. The Company, through various management subsidiaries, manages approximately 29.2 million square feet of office and industrial properties owned by Prentiss, its affiliates and third parties.
With its headquarters in Dallas, Texas, Prentiss Properties focuses on the ownership of office properties in Metropolitan Washington D.C.; Chicago; Dallas; Austin, Texas; Northern California and Southern California. It is a full service real estate company with in-house expertise in areas such as acquisitions, development, facilities management, property management and leasing.
Statements contained in this press release that are not historical facts may be forward-looking statements within the meaning of the Private Litigation Reform Act of 1995. Such statements may use words such as "anticipate," "believe," "estimate," "expect," "intent," "predict," "project" and similar expressions as they relate to Prentiss Properties Trust or our management. When we make forward-looking statements, we are basing them on our management's beliefs and assumptions, using information currently available to us. Although we believe that the expectations reflected in the forward-looking statements are reasonable, these forward-looking statements are subject to risks, uncertainties and assumptions including the risks discussed in our filings with the Securities and Exchange Commission. If one or more of these risks materialize, or if our underlying assumptions prove to be incorrect, actual results may vary materially from what we projected. Any forward-looking statements contained in this press release reflect our current views with respect to future events and are subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We have no current intention, and disclaim any obligation, to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise. For more information on Prentiss Properties Trust, visit the Company's website at www.prentissproperties.com