Alexander Haagen Properties announces sale of Vons market, Ventura, Calif.MANHATTAN BEACH Manhattan Beach, city (1990 pop. 32,063), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1912. It is a residential and beach community with an oil refinery and nearby factories that produce transportation and electrical equipment, computers, and pottery. , Calif.--(BUSINESS WIRE)--Aug. 1, 1996--Alexander Haagen Properties Inc. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :ACH (Automated Clearing House) A system of the U.S. Federal Reserve Bank that provides electronic funds transfer (EFT) between banks. It is used for all kinds of fund transfer transactions, including direct deposit of paychecks and monthly debits for routine payments to ) Thursday announced the sale at the end of the second quarter of one of its single-tenant properties. Proceeds from the sale were used to reduce borrowings on the company's line of credit. Alexander Haagen, chairman and chief executive officer, noted that the property was sold for a gross sales Gross Sales A measure of overall sales that isn't adjusted for customer discounts or returns, calculated simply by adding all sales invoices, and not including operating expenses, cost of goods sold, payment of taxes, or any other charge. price of $3.3 million at a favorable cap rate of 8.35 percent. The property sold was the Vons market in Ventura, Calif. Haagen also noted: "This sale is a positive step forward for our company. The sale results in a gain of $2.5 million and enables the company to reduce its leverage. The property did not fit into the long-term strategic focus of our portfolio due to its size and lack of growth potential." Alexander Haagen Properties, a fully integrated, self-managed real estate investment trust, is a leading developer, owner and manager of retail shopping centers, primarily in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, . The company owns or controls 39 properties, including two regional malls, eight promotional/power centers, 14 neighborhood/community shopping centers and 15 single-tenant facilities. CONTACT: Alexander Haagen Properties Inc., Manhattan Beach Stuart Gulland, 310/546-4520 |
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