MINOT, N.D., Oct. 9, 2013 (GLOBE NEWSWIRE) -- Investors Real Estate Trust (NYSE:IRET) (NYSE:IRETPR) (NYSE:IRET PRB), announced today that its operating partnership, IRET Properties, recently closed on the sale of two commercial industrial properties from its portfolio.
On September 24, 2013, the company closed on the sale of the APi Building, a 35,000 sq. ft. industrial building located in Duluth, MN, for $2.553 million.
On October 8, 2013, in a separate transaction with a different buyer, the company closed on the sale of the Lighthouse Building, a 59,292 sq. ft. industrial building located in Duluth, MN, for $1.825 million.
IRET continues to execute on its strategic plan by disposing of selected assets and reallocating sales proceeds to development projects and new acquisitions.
About Investors Real Estate Trust
Investors Real Estate Trust is an equity real estate investment trust. Its business consists of owning and operating income-producing multi-family residential and commercial properties located primarily in the upper Midwest. Investors Real Estate Trust is based in Minot, North Dakota, and has additional offices in Minneapolis, Minnesota and Omaha, Nebraska.
Safe Harbor
Statements about IRET's future expectations and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results could differ materially from expected results.