DBSI Acquires Five Income-Producing Assets
Posted by dbsi on July 24, 2008
Acquisitions include properties located in high-growth metropolitan areas
DBSI Acquisitions, a nationwide buyer of investment-grade commercial and residential real estate, is pleased to announce that it has recently completed the purchase of five well-positioned real estate properties in growth areas. The aggregate value of the properties is over $97.5 million dollars.
These transactions include:
• North Stafford Centre (Washington, DC MSA) – The Property is a three-story, Class A office building representing approximately 93,951 square feet of rentable space. Located in Stafford, Virginia, North Stafford is situated on 7.1 acres and is the first building of a new center for business and technology. Completed in the fall of 2006, the property is already 88.7% leased to nine tenants with gross leases that have renewal options. Future plans for the area include two elementary schools and an aquatic center.
• Portofino Tech Center (Houston, Texas MSA) – The Property is a single office/flex building center located in Montgomery County, Texas near the Woodlands, a high growth community approximately 30 minutes north of Houston. The property is just off the I-45, a major north-south arterial running from Houston to Dallas. Portofino Technology Center is situated on approximately 8.2 acres with approximately 87,701 square feet of net rentable area. Built in 2001, the center is currently 100% leased to both international and national tenants.
• Florissant Marketplace (St. Louis, Missouri MSA) – Located in Florissant, St. Louis County, Missouri, the Property comprises three, single-story in-line retail buildings representing 146,257 square feet of rentable area situated on approximately 19.91 acres. The center is anchored by a large regional grocer and a national fitness center. This property sports a prime location connected to the state and national highway systems by Interstate 270, US Highway 67 and Missouri Highway 370.
• Topsham Fair Mall (Portland, Maine MSA) – The Property is a Class A retail center located in Topsham, Sagadohoc County, Maine. The property is situated on approximately 4.4 acres with approximately 45,469 square feet of net rentable area. Newly built in 2007, Topsham Fair Mall, which is located in the Topsham shopping center, is currently 100% leased to both national and regional tenants. The center is sub-anchored by several big box retailers and anchored by Best Buy, a national retailer of electronics and appliances.
• Pinehurst Square (Bismarck, North Dakota MSA) – The Property is part of a newly constructed retail power center located in Bismarck, North Dakota. This Class A property consists of six newly-constructed single-story buildings that represent approximately 183,430 square feet of rentable space. The property resides on approximately 28.9 acres and benefits from an excellent location along Interstate 94 (I-94). Pinehurst Square is approximately 91% leased to a diverse mix of tenants with exceptional leases through 2017.
Since 2004, the Acquisitions division of DBSI has acquired over 200 properties valued in excess of $2 billion in more than 30 states. Their primary focus is to locate and acquire high-quality real estate such as retail, office, flex, industrial and multifamily offerings. DBSI has acquisition offices located in Atlanta, Boise, and Chicago. For more information, contact Vic Moore in the Atlanta office at 770-841-0001, Bill Fremgen in Boise at 208-489-2600, or Matt Blauvelt in Chicago at 312-212-4456. Information is also available by visiting www.dbsi-ddrs.com.
About DBSI
DBSI is a 29 year old leader in diversified investment real estate. The company currently manages over 18.6 million square feet, encompassing 280 properties in 34 states with an aggregate value of over $2.65 billion. DBSI specializes in the acquisition and development of real estate in all four stages—land banking, land entitlement, development & construction and income producing assets. Learn more about DBSI at www.dbsi.com.
