Heritage Property Investment (NYSE:HTG)
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Heritage Property Investment Trust, Inc. Forms First Acquisition
Joint Venture With Intercontinental Real Estate Corporation
Joint Venture Acquires Shopping Center in Dallas, Texas
BOSTON, April 25 /PRNewswire-FirstCall/ -- Heritage Property Investment Trust,
Inc. (NYSE:HTG) ("Heritage" or the "Company"), today announced the formation of
its first acquisition joint venture with a fund sponsored by Intercontinental
Real Estate Corporation of Boston, Massachusetts. Heritage also announced that
the joint venture acquired Skillman Abrams Shopping Center, located in Dallas,
Texas, for a total purchase price of approximately $19 million, including
assumed mortgage debt.
Skillman Abrams is a 133,000 square foot shopping center located in a busy
retail corridor of Dallas, Texas, the ninth largest Metropolitan Statistical
Area in the United States. Skillman Abrams is anchored by Tom Thumb, the
second leading grocer in the marketplace, which leases approximately 78,000
square feet at the center. The center is 97% leased and contains an attractive
mix of national and regional tenants. Skillman Abrams is located in a market
with outstanding demographics within its trade area (5 miles), including an
average population of over 400,000 and average household income of over
$80,000.
Heritage's joint venture partner in the acquisition of Skillman Abrams is
Intercontinental Real Estate Investment Fund III, LLC, a $350 million pooled
fund sponsored and managed by Intercontinental Real Estate Corporation. As the
operating manager of the joint venture, Heritage will oversee the ongoing
management and leasing of Skillman Abrams. The cash flow distributions are
structured on a pro rata basis until certain return hurdles are met with
neither party receiving a preferred return. Once the performance hurdles are
met, Heritage will receive an enhanced return.
"We are extremely pleased to have Intercontinental as our partner at Skillman
Abrams," commented Thomas C. Prendergast, Chairman, President and Chief
Executive Officer. "They are a well-respected company with significant real
estate expertise. We look forward to exploring with Intercontinental
additional opportunities to further diversify our available capital resources
and enhance our growth."
"We are very pleased with this shopping center acquisition -- our 5th Texas
acquisition in Intercontinental's Fund III. In particular, we are excited
about partnering with Heritage: these are real estate professionals of the
highest order. We hope very much that this will be the first of many," said
Peter Palandjian, Chairman and Chief Executive Officer of Intercontinental Real
Estate Corporation.
"Skillman Abrams fits our acquisition criteria perfectly," stated Robert G.
Prendergast, Senior Vice President, Chief Operating Officer. "In addition to
expanding our presence in the Southwestern U.S., which is a priority for us
since our acquisition of the Trademark portfolio in late 2003, the acquisition
of Skillman Abrams allows us to add to our portfolio a center with a dominant
grocer in Tom Thumb."
ABOUT HERITAGE PROPERTY INVESTMENT TRUST, INC.
Heritage is a fully integrated, self-administered and self-managed REIT traded
on the New York Stock Exchange under the symbol "HTG". Heritage is one of the
largest owners and operators of neighborhood and community shopping centers in
the United States. Heritage focuses on grocer-anchored shopping centers with
multiple anchors. As of December 31, 2004, Heritage had a shopping center
portfolio of 164 centers, located in 29 states and totaling approximately 33.7
million square feet of total gross leasable area, of which 28.0 million square
feet is company-owned gross leasable area. Heritage's shopping center
portfolio was approximately 93.3% leased as of December 31, 2004. Heritage is
headquartered in Boston Massachusetts and has an additional 16 regional offices
located in the Eastern, Midwestern and Southwestern United States. For more
information about Heritage, please refer to Heritage's website,
http://www.heritagerealty.com/.
ABOUT INTERCONTINENTAL REAL ESTATE CORPORATION
Intercontinental, an SEC registered adviser and real estate investment
management firm based in Boston, Massachusetts, manages private equity real
estate investments and provides real estate services for domestic and
international clients. Established in Boston over 40 years ago,
Intercontinental has acquired, developed, built, and managed over $3 billion of
real estate and has earned an international reputation as one of the leading
real estate investment firms in the United States. For more information about
Intercontinental, please refer to Intercontinental's website,
http://www.intercontinental.net/.
SAFE HARBOR LANGUAGE
Some of the statements contained in this press release constitute forward-
looking statements. Forward-looking statements relate to expectations, beliefs,
projections, future plans and strategies, anticipated events or trends and
similar expressions concerning matters that are not historical facts. The
forward-looking statements reflect the Company's current views about future
events and are subject to risks, uncertainties, assumptions and changes in
circumstances that may cause the Company's actual results to differ
significantly from those expressed in any forward-looking statement. You should
not rely on forward-looking statements since they involve known and unknown
risks, uncertainties and other factors which are, in some cases, beyond the
Company's control and which could materially affect actual results. The factors
that could cause actual results to differ materially from current expectations
include risks detailed from time to time in filings with the Securities and
Exchange Commission. The forward-looking statements contained herein represent
the Company's judgment as of the date of this release, and the Company cautions
readers not to place undue reliance on such statements.
DATASOURCE: Heritage Property Investment Trust, Inc.
CONTACT: Patrick O'Sullivan, Vice President, Finance and Accounting of
Heritage Property Investment Trust, Inc., +1-617-247-2200, or
; or Financial Relations Board - Claire Koeneman
(Analyst Info), +1-312-640-6745, or Joe Calabrese (General Info),
+1-212-827-3772, for Heritage Property Investment Trust, Inc.
Web site: http://www.intercontinental.net/
http://www.heritagerealty.com/