VANCOUVER, July 18, 2014 /PRNewswire/ -- City Office REIT,
Inc. (NYSE: CIO), announced today the closing of the previously
announced acquisition of 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
constructed in 2007 and is fully leased on a triple net basis 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 acquisition was financed with an
$18.5 million mortgage that has been
fixed at a 4.28% interest rate for 10 years.
About City Office REIT, Inc.
City Office REIT, Inc. 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 2.2 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 (REIT) 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.