Anthem Properties Acquires Three Office Buildings in Phoenix.VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--April 22, 1998-- Anthem Properties Corp. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :ANT) is pleased to announce that it has acquired three suburban office buildings in Phoenix, Arizona Phoenix /ˈfiːˌnɪks/ (English: Phoenix, Navajo: Hoozdo, lit. "the place is hot", Western Apache: Fiinigis) is the capital and the most populous city of the U.S. totalling 66,000 square feet. The buildings are 95 percent occupied and are located close to Camelback cam·el·back adj. Shaped like a hump or an arching curve. n. New Orleans A narrow house with one story in front and two in the rear. See Regional Note at beignet. Road, the main commercial corridor in Phoenix. The purchase price of US$4.9 million was financed by the assumption of US$850,000 in existing debt and cash on hand. An additional US$2.7 million in financing has been committed. The going-in cap rate is 10.6 percent and the leveraged return on equity is 18.9 percent. Anthem President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Eric Carlson said "Phoenix is one of our core markets and continues to experience very strong employment growth. The acquisition cost of $74 per square foot is well below replacement cost and combined with the return on equity of over 18 percent provides Anthem with a highly accretive investment with significant future upside." Anthem Properties Corp. is a rapidly growing real estate investment, development and management company. It specializes in the acquisition and management of Class B office, retail and multi-family residential Multi-family residential is a classification of housing where multiple separate housing units are contained within one building. The most common form is an apartment building. Many intentional communities incorporate multi-family residences, such as in cohousing projects. properties in high growth markets in Canada and the western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River West Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century . Anthem owns or manages a portfolio of over 2.3 million square feet of office and retail space and over 5,200 multi-family residential units. CONTACT: Anthem Properties Corp. Eric Carlson, 604/488-3602 or Anthem Properties Corp. David Ferguson, 604/488-3632 or Anthem Properties Corp. James Speakman, 604/488-3617 |
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