Printer Friendly

CARR REALTY CORPORATION AGREES TO PURCHASE INTERNATIONAL SQUARE LAND

 WASHINGTON, April 21 /PRNewswire/ -- Carr Realty Corporation announced today that it has signed a contract to purchase the 2.5 acre parcel of land on which three of Carr Realty's properties, collectively referred to as International Square, are located. The purchase price for the parcel is $69.5 million. Carr Realty expects to use a portion of the proceeds of its recent public offering to pay approximately 30 percent of the purchase price, and is exploring financing options for the remainder of the purchase price.
 The land under International Square is currently owned by Antonelli Creditors' Liquidating Trust, an entity formed under the Chapter 11 bankruptcy plan of Dominic Antonelli Jr., the former owner of the property. Tom Carr, president of Carr Realty Corporation, explained, "We are taking advantage of the unique circumstances causing the International Square land to be on the market in order to achieve two key goals for our shareholders: to protect Carr Realty from ground rent increases related to possible rising property values in downtown Washington, D.C., and to capture the incremental value that we believe will result from the consolidation of ownership of the land and buildings."
 Closing of the purchase is expected to occur in August 1993. Carr Realty has the right to terminate the contract at any time before closing for any reason, subject to the loss of certain deposits which increase to a maximum of $3 million over the period.
 Carr Realty's leasing and management division, Carr Real Estate Services will continue to act as the leasing agent and property manager for the three International Square properties, 1850 K St., 1825 Eye St. and 1875 Eye St., N.W.
 Carr Realty Corporation owns and operates a portfolio of Class A office buildings in the Washington metropolitan area. The company qualifies as a real estate investment trust under federal tax rules and is traded on the New York Stock Exchange.
 -0- 4/21/93
 /CONTACT: Karen L. Widmayer of Carr Realty Corporation, 202-624-1789/


CO: Carr Realty Corporation ST: District of Columbia IN: SU: RLE

KD-DC -- DC037 -- 8955 04/21/93 16:32 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 21, 1993
Words:351
Previous Article:ASSOCIATED BANC-CORP ANNOUNCES AN INCREASE IN QUARTERLY EARNINGS
Next Article:JEFFERSON BANCORP, INC. REPORTS INCREASED CONSOLIDATED NET INCOME FOR 1ST QUARTER 1993
Topics:


Related Articles
CARR REALTY CORPORATION ANNOUNCES PUBLIC OFFERING OF 6.8 MILLION SHARES AT $22 PER SHARE
CARR REALTY CORPORATION ACQUIRES 1775 PENNSYLVANIA AVENUE, N.W.
CARR REALTY CORPORATION SIGNS ACQUISITION AGREEMENTS
CARR REALTY AND COUSINS PROPERTIES ENTER INTO JOINT VENTURE TO DEVELOP OFFICE BUILDING
CARR REALTY CORPORATION ACQUIRES BALLSTON PLAZA III
CARR REALTY CORPORATION ANNOUNCES FIRST QUARTER DIVIDEND; OFFICER PROMOTIONS
CARR REALTY CORPORATION AND INSTITUTIONAL INVESTOR TO CO-INVEST IN REDEVELOPMENT OF PREMIER PENNSYLVANIA AVENUE PROPERTY
CARR REALTY CORPORATION ESTABLISHES DIVIDEND REINVESTMENT AND STOCK PURCHASE PLAN
CARR REALTY CORPORATION ANNOUNCES SECOND QUARTER DIVIDEND
CARR REALTY CORPORATION TO ACQUIRE VIENNA, VIRGINIA OFFICE BUILDING

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters