BRE Properties Sharpens Multifamily Focus with Portfolio Sale of Seven Light Industrial Properties; $29 Million Proceeds Targeted for Apartment Acquisitions.SAN FRANCISCO--(BUSINESS WIRE)--August 7, 1996--BRE Properties, Inc. (NYSE NYSE See: New York Stock Exchange :BRE (Business Rules Engine) Software that automates policies and procedures within an organization, whether legal, internal or operational. The use of a rules engine (BRE) requires placing the company rules in an external repository that can be easily reviewed rather than ) today announced the sale of seven light industrial properties and said the $29.2 million in proceeds from the sale would be used to acquire additional apartment communities in 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 . Frank C. McDowell, BRE's president and chief executive officer, said, "This is another step forward in our stated commitment to dispose of To determine the fate of; to exercise the power of control over; to fix the condition, application, employment, etc. of; to direct or assign for a use. See also: Dispose the company's non-core portfolio in an orderly manner and redeploy re·de·ploy tr.v. re·de·ployed, re·de·ploy·ing, re·de·ploys 1. To move (military forces) from one combat zone to another. 2. the sale proceeds into multifamily properties. Since we announced the company's strategic plan a year ago, we have completed 10 non-core property sales, aggregating $100 million in proceeds, while doubling the number of apartment units owned and operated by BRE." BRE Properties most recently purchased two newly constructed apartment communities totaling 698 units with a portion of the non-core sale proceeds. BRE acquired Arcadia Cove, a 432-unit apartment community 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. for $24.2 million, and Berkshire Court, a 266-unit apartment community in Portland, Oregon for $16.4 million. BRE Properties now owns 50 apartment communities totaling 10,642 units located in nine major markets of California, Arizona, Washington, Oregon and Nevada. BRE packaged the seven industrial properties as a portfolio sale. The company conducted the marketing process itself and attracted a number of institutional bidders. The properties included office and light industrial buildings located in both northern and 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, and had an average occupancy of 96%. McDowell added, "A number of the industrial sale properties have experienced frequent vacancies and cash flow interruptions in the past. As a group, they have not demonstrated the consistent pattern of long-term cash flow growth that we believe BRE can achieve through apartment investments." The seven properties in the sale announced today represented approximately 380,000 square feet or 42% of BRE's industrial/commercial portfolio. The aggregate book value of the properties and the cost of sale approximate the total purchase price of $29.4 million. BRE Properties is a self-administered, self-managed and fully integrated equity real estate investment trust focusing on multifamily properties in the Western United States. CONTACT: BRE Properties, Inc. Lauren L. Barr, 415/445-6523 |
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