VANCOUVER, June 23, 2014 /PRNewswire/ -- City Office
REIT, Inc. (NYSE: CIO), announced today that it entered into an
Agreement of Purchase and Sale to acquire Lake Vista Pointe in
Dallas, Texas for a purchase price
of $28.4 million. Lake Vista
Pointe is a 163,000 square foot office property in the growing
Lewisville, Texas submarket. The
property was initially constructed to operate as a multi-tenant
building in 2007 and subsequently became fully leased to Ally
Financial, Inc. through 2021. The Lake Vista Pointe
acquisition is anticipated to generate an initial full-year cash
net operating income yield of approximately 7.8% based on the
purchase price with contractual annual rent escalations. The
major conditions to the acquisition have been satisfied and the
transaction is anticipated to close in July
2014.
"Lake Vista Pointe represents a quality acquisition for City
Office REIT in the growing Dallas,
Texas market. The property is strategically located in
a premium Lewisville business park
and has a leading 6.6 per 1,000 parking ratio. Furthermore,
Lake Vista Pointe is situated in close proximity to the
Dallas/Fort Worth International
Airport and three of Dallas' major
highway systems including the Sam Rayburn Tollway (SH 121),
Interstate 35 and Texas State Highway 114. The Lewisville submarket is situated in the
North Texas growth corridor and
the population within a three-mile radius has increased by 25%
since 2000," said James Farrar,
Chief Executive Officer of City Office REIT. "The Dallas/Fort Worth market offers favorable
economic trends for owners of office properties. It is
forecasted by Moody's Economy.com to rank first in both population
and job growth between 2012 and 2017. City Office REIT
continues to review a strong pipeline of acquisition opportunities
within our target markets and we remain focused on growing our
portfolio and enhancing stockholder value."
About City Office REIT, Inc.
City Office REIT is a real estate company focused on owning
high-quality office properties in attractive markets primarily in
the Southern and Western United States. City Office REIT
currently owns or has an interest in 2.1 million square feet of
office properties. Additional information about City Office
REIT is available on the company's website at
www.cityofficereit.com. The Company intends to elect to be
taxed as a real estate investment trust for U.S. federal income tax
purposes.
Forward-looking Statements
This press release contains "forward looking statements" within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995 and other federal
securities laws. All statements that are not statements of
historical facts are, or may be deemed to be, forward looking
statements. Forward looking statements reflect our current
expectations concerning future results, objectives, plans and
goals, and involve known and unknown risks, uncertainties and other
factors that are difficult to predict and which may cause future
results, performance or achievements to differ. These risks,
uncertainties and other factors include factors described in our
news releases and filings with the Securities and Exchange
Commission. The Company does not have any obligation to
publicly update any forward looking statements to reflect
subsequent events or circumstances.
Contact
City Office REIT, Inc.
Anthony Maretic
+1-604-806-3366
investorrelations@cityofficereit.com
SOURCE City Office REIT, Inc.