Keystone Prop (NYSE:KTR)
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Keystone Property Trust Announces Acquisition in Harrisburg, PA, and the Closing
of $25 Million Senior Secured Term Credit Facility
WEST CONSHOHOCKEN, Pa., Nov. 3 /PRNewswire-FirstCall/ -- Keystone Property
Trust announced today that it acquired a 677,548-square-foot distribution
center in Harrisburg, Pennsylvania, for approximately $21.5 million.
A. Donald Chase, Jr., Senior Vice President of Keystone, commenting on the
transaction stated, "3500 Industrial Road is a 25-32 foot clear, 98% occupied
building, with quality tenants like Super Valu Inc., Exel Inc., and PJAX, Inc.
This distribution center is strategically located adjacent to Interstate 81 and
Route 22 just north of downtown Harrisburg and abutting the Norfolk Southern
Intermodal Yard, and offers tenants a variety of space configurations combined
with low operating costs. With this acquisition, Keystone owns over 10.5
million square feet of bulk distribution assets in Pennsylvania."
The Company also announced today that it closed a $25 million Senior Secured
Term Facility with the Royal Bank of Canada and RBC Capital Markets, as lead
arranger. The loan has a one-year term with a variable interest rate and is
priced at 1.875% over LIBOR. The proceeds of this financing were utilized to
acquire 3500 Industrial Road as well as to fund the Company's investment in
certain joint venture acquisitions.
Keystone Property Trust, with headquarters in West Conshohocken, Pennsylvania,
is a fully integrated real estate investment trust with a current portfolio of
127 properties, including properties under development, aggregating 31 million
square feet in the Eastern half of the United States. For more information,
contact Aleathia M. Hoster at (212) 527-9900, send email to or visit the
Company website at http://www.keystoneproperty.com/.
This press release may contain statements which constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995, including statements regarding the intent, belief or current expectations
of the Company, its trustees, or its officers with respect to the future
operating performance of the Company and the result and the effect of legal
proceedings. Investors are cautioned that any such forward-looking statements
are not guarantees of future performance and involve risks and uncertainties,
and that actual results may differ materially from those in the forward-looking
statements as a result of various factors. Important factors that could cause
such differences are described in the Company's periodic filings with the
Securities and Exchange Commission, including the Company's Form 10-K and
quarterly reports on Form 10-Q.
CONTACT: Aleathia M. Hoster of Keystone Property Trust, (Phone: 212-527-9900)
MEDIA CONTACT: Michael Beckerman (Phone: 908-781-6420, send email to )
DATASOURCE: Keystone Property Trust
CONTACT: Aleathia M. Hoster, Keystone Property Trust, +1-212-527-9900,
or MEDIA: Michael Beckerman, +1-908-781-6420, email, ,
for Keystone Property Trust
Web site: http://www.keystoneproperty.com/