LOS ANGELES--(Business Wire)--
Pacific Office Properties Trust, Inc. (AMEX: PCE), the West Coast
office building REIT, announced today that it has completed the
acquisition of interests in four office buildings located in San Diego
and Phoenix. These acquisitions increase Pacific Office's total
portfolio to 2.7 million leasable square feet.
The four buildings are among the 18 office buildings that Pacific
Office has an option to acquire under the terms and conditions of its
recently completed formation transactions. The remaining 14 properties
comprise an additional 1.6 million leasable square feet. Pacific
Office has already exercised its option to acquire three of the 14
buildings and these acquisitions are expected to close next month.
Each of the transactions is subject to customary closing conditions.
The remaining 11 properties are subject to Pacific Office's discretion
to exercise its option.
The San Diego and Phoenix office buildings were acquired through
Pacific Office's joint-venture initiative, in which it acquires, owns
and operates "value-added" commercial real estate in partnership with
institutional private equity capital on property-specific bases.
Through its co-investment strategy, Pacific Office expects to generate
venture-related, preferential and performance returns.
Three of the acquired buildings are Class A/B+ office buildings
containing a total of 54,000 leasable square feet and are located in
the Carlsbad and Torrey Hills submarkets of San Diego (the San Diego
Portfolio). Pacific Office will own the San Diego Portfolio in
partnership with an institutional co-investor and have a 32 percent
interest in the properties.
"The acquisition of the San Diego Portfolio expands Pacific
Office's presence in the San Diego market where our management team is
already well-recognized and has a significant track record of
successful operations," stated Dallas Lucas, Chief Executive Officer.
The remaining office property, Black Canyon Corporate Center,
contains 220,200 leaseable square feet and is located in the Deer
Valley submarket of Phoenix. Black Canyon Corporate Center was built
as a single-tenant building in 1980 and was substantially renovated
for multi-tenant use in 2006. Pacific Office will own Black Canyon in
partnership with an institutional co-investor and have a 17.5 percent
interest.
About Pacific Office Properties Trust, Inc.
Pacific Office Properties Trust, Inc.
(www.pacificofficeproperties.com) is a real estate investment trust
that acquires, owns, and operates office properties in the western
U.S., focusing initially on the four high-growth markets of Honolulu,
San Diego, Los Angeles, and Phoenix. Pacific Office is externally
managed by Pacific Office Management, Inc., an affiliate of The
Shidler Group.
Pacific Office acquires, in partnership with institutional
co-investors, value-added office buildings whose potential can be
maximized through improvements, repositioning, and superior leasing
and management. Pacific Office was established to continue The Shidler
Group's highly successful institutional joint-venture operations that
focus on acquiring opportunistic and value-added commercial real
estate in partnership with institutional co-investors.
About The Shidler Group
The Shidler Group (www.shidler.com) is a private long-term
investor in commercial real estate. Over the past 30 years, through
its private and public affiliates, it has acquired, owned and managed
more than 2,000 properties containing over 150 million square feet of
leasable area. In addition to the formation of Pacific Office
Properties, The Shidler Group has founded three other publicly traded
real estate investment trusts - Corporate Office Properties Trust
(NYSE: OFC), First Industrial Realty Trust (NYSE: FR), and TriNet
Corporate Realty Trust (formerly, NYSE: TRI, now part of iStar
Financial (NYSE: SFI)). Certain Information About Forward Looking
Statements
Statements contained in this release except for historical
information are forward-looking statements that are based on current
expectations and involve risks and uncertainties. Without limiting the
generality of the foregoing, words such as "should," "may," "will,"
"expect," "believe," "anticipate," "intend," "could," "estimate," or
"continue," or the negative or other variations thereof or comparable
terminology, are intended to identify forward-looking statements. The
risks and uncertainties inherent in such statements may cause actual
future events or results to differ materially and adversely from those
described in the forward-looking statements. Specifically, there can
be no assurance that the subject transactions will be consummated.
Other important factors that may cause a difference between
forward-looking statements and actual results for Pacific Office are
discussed in the company's filings from time to time with the SEC,
including but not limited to the Annual Report on Form 10-KSB for the
year ended December 31, 2007, and the Proxy Statement on Schedule 14A,
dated December 17, 2007, of Arizona Land Income Corporation, the
predecessor of Pacific Office. Pacific Office and The Shidler Group
disclaim any obligation to revise or update any forward-looking
statements contained in this press release, which speak only as of the
date hereof.
Pacific Office Properties Trust, Inc.
Dallas E. Lucas, President and Chief Executive Officer
310-395-2083
Copyright Business Wire 2008
