First Union Real Estate Investments Announces Sale of Shreveport Office Building.CLEVELAND--(BUSINESS WIRE)--March 23, 1999--First Union Real Estate Investments (NYSE NYSE See: New York Stock Exchange :FUR) today announced the sale of one of its office buildings, the Beck Building, in a transaction that totaled $2.15 million. The net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of approximately $1.77 million, after closing costs Closing Costs The numerous expenses (over and above the price of the property) that buyers and sellers normally incur to complete a real estate transaction. Costs incurred include loan origination fee, discount points, appraisal fee, title search, title insurance, survey, taxes, and adjustments, were used to make a partial re-payment of the bridge loan. Located in Shreveport, Louisiana, the 162,000 square foot Beck Building currently with 147 tenants was acquired by the Trust in 1974. Commenting on the sale, Daniel P. Friedman For other persons of the same name, see Daniel Friedman. Daniel P. Friedman is a professor of Computer Science at Indiana University in Bloomington, Indiana where he is known for his distinctive tan fedora. , President and Chief Executive Officer, stated, "The sale is consistent with First Union's continuing strategy to sell some of its assets to repay the Trust's short-term recourse debt." Friedman continued, "The decision to sell the Beck Building was based on several factors including the size of this asset in relation to the time and resources needed to manage a property of this type and the amount of capital required to maintain its occupancy." First Union Real Estate Equity and Mortgage Investments is a NYSE-listed, stapled-stock real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) headquartered in Cleveland, Ohio. |
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