VANCOUVER, Nov. 18, 2014
/PRNewswire/ -- City Office REIT, Inc. (NYSE: CIO), announced
today the closing of the previously announced acquisition of the
Florida Research Park property in Orlando, Florida for a purchase price of
$26.5 million. Florida Research
Park is a 124,500 square foot office property in Orlando's Central Florida Research Park
submarket. The property was constructed in 1999 and is fully
leased through 2021.
The Florida Research Park acquisition is anticipated to generate
an initial full-year cash net operating income yield of
approximately 9.0% based on the purchase price with contractual
annual rent escalations. The acquisition was financed with a
$17.0 million mortgage that has been
fixed at a 4.44% 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 2.3 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.