Winthrop Realty Trust Leases 54,000 Square Foot Property; Enters Into Joint Venture Arrangement with Vision Property Services to
03 Gennaio 2007 - 10:30PM
PR Newswire (US)
BOSTON, Jan. 3 /PRNewswire-FirstCall/ -- Winthrop Realty Trust
(NYSE:FUR) today announced that its 54,000 square foot property
located at 1050 Warrenville Road, Lisle, Illinois has been fully
leased. The property, which was vacant when acquired in January
2006 by a joint venture 60% owned by Winthrop for a purchase price
of $3,500,000, has been leased for an 11 year initial term to
Joseph T. Ryerson & Son, Inc., a subsidiary of Ryerson, Inc., a
leading distributors and processors of metals. The tenant is
obligated to pay annual rent commencing with the second lease year
of $768,695 increasing to $1,039,067 in the final lease year of the
initial term. Winthrop also announced that it has entered into a
joint venture agreement with Vision Property Services of which
Winthrop will participate, to acquire multi-family apartment
properties. Vision Property Services, a Denver based company,
specializes in the acquisition of value added class B and C garden
apartment complexes. Vision currently holds ownership interests in
10 multi-family apartment properties. Pursuant to the joint venture
arrangement, Winthrop will acquire 90% of the equity of any future
properties acquired by the joint venture. In connection with
entering into the joint venture, Winthrop made a $1,250,000 term
loan to Vision which bears interest at 15% per annum. Winthrop also
made a $1,000,000 line of credit available to Vision to fund
working capital, which bears interest at 12% per annum. Winthrop
Realty Trust is a NYSE-listed real estate investment trust (REIT)
headquartered in Boston, Massachusetts. Additional information on
Winthrop Realty Trust is available on its Web site at
http://www.winthropreit.com/. "Safe Harbor" Statement under the
Private Securities Litigation Reform Act of 1995: With the
exception of the historical information contained in this news
release, the matters described herein contain "forward-looking"
statements that involve risk and uncertainties that may
individually or collectively impact the matters herein described.
These are detailed from time to time in the "Risk Factors" section
of the Company's SEC reports including the annual report on Form
10-K/A for the year ended December 31, 2005. Further information
relating to the Company's financial position, results of
operations, and investor information is contained in our annual and
quarterly reports filed with the SEC and available for download at
our website http://www.winthropreit.com/ or at the SEC website
http://www.sec.gov/. DATASOURCE: Winthrop Realty Trust CONTACT:
Carolyn Tiffany, Chief Operating Officer of Winthrop Realty Trust,
+1-617-570-4614 Web site: http://www.winthropreit.com/
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