Heartland Partners . (AMEX:HTL)
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Heartland Partners Announces Sale of Scattered Properties, Sale
of Remaining Washington State Residential Property
CHICAGO, July 6 /PRNewswire-FirstCall/ -- Heartland Partners, L.P. (AMEX:HTL)
today announced it has sold most of its approximately 13,000 acres of scattered
sites as well as the remaining 14 acres of its Fife, Washington, residential
development. The properties were sold to Ox Bow, LLC, and Railroad Properties,
LLC, both of Centralia, Washington, for $500,000 cash. The buyers also assumed
liabilities related to the properties, including a $250,000 local improvement
district assessment in Fife and accrued but unpaid real estate taxes.
"The sale of these properties is a positive step forward for the company that
will reduce our operating costs and the risks associated with the ownership and
management of a large portfolio of small sites spread over a dozen states,"
said Lawrence Adelson, chief executive officer. "Our goal remains to continue
pursuing sale of all of our development properties with an eye on making cash
distributions to our unit holders when conditions warrant it."
Adelson said a total of 18 prospective buyers were offered the properties, with
four making proposals and two of them withdrawing during due diligence.
Excluded from the sale of scattered properties were those already under
contract for sale for about $300,000 in cash payable at closing. The sales did
not include the assumption of liabilities related to known environmental
problems on some sites or approximately 100 acres formerly leased to bulk oil
station operators, farm supply stores, chemical companies and other users that
potentially could have resulted in environmental problems. The company is
negotiating with other parties for the sale of the 100 acres of former lease
sites and its sites with active environmental concerns.
The company also owns three parcels at its Kinzie Station development in
Chicago that are under contract for about $10 million; a 20-acre site in
Glendale, Wisconsin; and certain fiber optic rights along about 70 miles of
railroad rights of way in the Chicago metropolitan area. The company also has
lawsuits pending against the Redevelopment Authority of the City of Milwaukee
and the Southeastern Wisconsin Professional Baseball Park District in
connection with the eminent domain acquisition of Heartland's 150-acre
Menomonee Valley property in Milwaukee.
Heartland Partners is a Chicago-based real estate partnership with properties
in 14 states, primarily in the upper Midwest and northern United States. CMC
Heartland is a subsidiary of Heartland Partners, L.P. CMC is the successor to
the Milwaukee Road Railroad, founded in 1847.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995: This press release includes forward-looking statements intended to
qualify for the safe harbor from liability established by the Private
Securities Litigation Reform Act of 1995. These forward-looking statements
generally can be identified by phrases such as the Company, Heartland or its
management "believes," "expects," "anticipates," "foresees," "forecasts,"
"estimates" or other words or phrases of similar import. Similarly, statements
in this release that describe the company's business strategy, outlook,
objectives, plans, intentions or goals also are forward-looking statements. All
such forward-looking statements are subject to certain risks and uncertainties
that could cause actual results to differ materially from those in
forward-looking statements. The forward-looking statements included in this
release are made only as of the date of publication, and the company undertakes
no obligation to update the forward-looking statements to reflect subsequent
events or circumstances. For more information on Heartland Partners, L.P., see
the company's most recent reports on Forms 10-K and 10-Q, which may be found at
http://www.sec.gov/ .
DATASOURCE: Heartland Partners, L.P.
CONTACT: Richard Brandstatter, President of Heartland Partners, L.P.,
+1-312-575-0400; or Karl Plath or Brien Gately of The Investor Relations Co.,
+1-847-296-4200